Billionaire entrepreneur Mark Cuban still has disdain for gold and Bitcoin. But in a newly-surfaced interview with Kitco, Cuban says Bitcoin’s fixed supply gives it an advantage over the prominent precious metal.
“I hate gold. Gold is a religion. There’s some fundamental value to gold, but it’s a collectible. I see gold and Bitcoin as being the same thing…
Their value is based off supply and demand. The good news about Bitcoin is there’s a finite supply that will ever be created. And the bad news about gold is they’ll keep on mining gold.”
Cuban has a rich history with the emerging crypto industry. He has invested in businesses that are built on crypto and blockchain. In December of 2017, he told Money he believes in the technology, but warned Bitcoin “could go to $15,000 or zero and maybe both on the same day.”
When asked for his thoughts on the safest investments in 2019, Cuban said he’s a believer in holding cash in the bank and paying off debt.
“If you need “safe”, just put the money in the bank. Just sleep well at night. There’s really nothing wrong with that.
But probably the best investment you can make is paying off your credit cards. Paying off whatever debt you have. And the reason for that is, whatever interest rate you have – it might be a student loan with a 7% interest rate. If you pay off that loan, you’re making 7%. And so that’s your immediate return, which is a lot safer than trying to pick a stock or trying to pick real estate or whatever it may be.”
As for picking a favorite altcoin or investing in Bitcoin, Cuban cautions investors that they shouldn’t invest anything in crypto that they can’t afford to lose.
“If you’re a true adventurer and you really want to throw the Hail Mary, you might take 10% [of your savings] and put it in Bitcoin or Ethereum. But, if you do that, you’ve got to pretend you’ve already lost your money.”
Cuban recently joined tennis star Serena Williams to invest $3 million in Mahmee, a digital support network for new moms. The platform is focused on helping mothers through comprehensive prenatal and postpartum care.