Billionaire Mark Cuban offered his thoughts on gold and bitcoin in a podcast episode.
Cuban made the comments during a wide-ranging appearance on an upcoming episode of comedian Bill Maher’s “Club Random” podcast. The episode is slated to be released Monday.
The Dallas Mavericks owner said he “want[ed] bitcoin to go down a lot further” so he “can buy some more.”
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Year-to-date, the prices of some popular cryptocurrencies have dropped significantly. Bitcoin is currently down 65%, while ethereum and Cardano have fallen over 69% and 80%, respectively.
In response to Maher saying he has invested in gold, Cuban said, “You know what? If you have gold, you’re dumb as f–k.” He also appeared to push back against the idea that investing in it was a “hedge against anything.”
“Gold is a store of value, and so is bitcoin,” Cuban told Maher.
He later went on to say, “When you own gold, all you own is a digital transaction.” Maher said that was the reason “we’re not mostly in gold,” prompting Cuban to respond, “And that’s fine. I’m not mostly in bitcoin, right? It’s just something I own.”
“But it’s a digital transaction, and it’s a store of value – that’s the term for it, a ‘store of value,’” the billionaire investor continued. “So, people perceive that there is a value associated with gold, and there’s value associated with bitcoin.”
He also said he thinks bitcoin “is a good investment,” though he did add that he’s “not telling people to buy” the cryptocurrency.
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Cuban has weighed in on cryptocurrency multiple times in the past, including in February, when he appeared on “Cavuto: Coast to Coast” and in November while talking to TMZ Sports.
He discussed utilities associated with crypto on the show, saying that bitcoin “is like an alternative to gold” and “a store of value.” People should approach investing in crypto like any other asset class, thinking about “value proposition” and growth opportunities, he said.
Last month, amid the ongoing FTX scandal, Cuban indicated to TMZ Sports that he continued to believe in cryptocurrency.
“Just separate the signal from the noise,” Cuban said to the outlet. “I mean, there’s just been a lot of people making a lot of mistakes, but it doesn’t change the underlying value and applications of it.”
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Talia Kaplan contributed to this report.