Shark Tank star Mark Cuban bitcoin (BTC) announced that it wants to increase its holdings. Cuban also underlined that although he wanted to do this, he would not buy at current prices.
Having a new conversation with Club Random, Cuban announced that he continues to support Bitcoin. Cuban also underlined that if the price drops, he will buy more BTC.
“I want the Bitcoin price to drop further. If it drops, I can buy more.”
Cuban also stated that he prefers Bitcoin to gold, which has traditionally been seen as a hedge against fiat inflation.
“If you have gold, you’re stupid… No, it’s not a protection against anything, is it? It’s a store of value and you don’t own physical gold, do you? Gold is a store of value and so is Bitcoin…
You don’t own the gold nugget and you know what would happen if everything went to hell and you had a gold nugget? Someone would beat or kill you and I could have your gold nugget. What are you going to do with a small piece of gold that someone has to weigh? Useless.”
Cuban in the past, including last month after the collapse of FTX cryptocurrencydefended crypto against its critics.
“These crashes do not mean the collapse of crypto. There have been collapses in banks before, this is just one of them. Lending to the wrong establishment, misappraisal of collateral, arrogant arbs and then the runaway of depositors. Look at the Long Term Capital, Savings and Loan, and Sub-Prime crashes. They’re all different versions of the same story.”
Cuban also reiterated that he continues to believe in the potential of crypto to create real-world applications.
“Why did I invest in crypto? Because I believe smart contracts will have a significant impact on creating valuable applications. From day one, I’ve said that the value of a token comes from the apps running on its platform and the utility they create.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.