The Dallas Mavericks’ billionaire owner confirmed to Cointelegraph that he practices what he preaches, stating that he does not own any gold himself.
Arguments about whether gold or Bitcoin is a better store of value continue to rage in both the cryptocurrency and traditional investment communities.
On the most recent episode of Bill Maher’s Club Random podcast, which aired on December 26, billionaire Dallas Mavericks owner Mark Cuban argued that Bitcoin is a better store of value than gold.
In response to Maher’s open admission that he is “rooting against Bitcoin,” Cuban agreed with a cheeky remark, saying, “I want Bitcoin to go down a lot further so I can buy some more.” Cuban continued to chastise Maher, saying, “If you have gold, you’re dumb as fuck,” before encouraging him to “just get Bitcoin.”
The two then debated the advantages and disadvantages of both asset classes, with the billionaire stating that gold “is not a hedge against anything,” while emphasizing to Maher, “You don’t own the physical gold, do you?”
In an interview with Cointelegraph, Cuban confirmed that he owns more Bitcoin than gold, even going so far as to say, “Yes. “I don’t have any gold.” While Cuban told Cointelegraph that he prefers self-custody, he disagreed with the notion that people who do not keep their own coins or gold are asking for trouble. When it comes to storing valuable assets safely, he says:
“It depends on where you are. If the custody host lends out the gold or cryptocurrency for any reason, the risk increases significantly. If you don’t self-custody, I’d make sure it’s a regulated entity with the necessary controls and liquidity minimums.”