Billionaire investor and Shark Tank veteran Mark Cuban anticipates Bitcoin will chip away at gold’s supremacy as a store-of-value asset.
In a new interview with UpOnly, the celebrity investor says that although he’s never been convinced that Bitcoin could function well as a currency, he does believe BTC will fully replace gold for a wide range of investors.
“Bitcoin’s great as a platform. It’s accepted now. It’s an alternative asset. It’s going to replace gold in the portfolios of a lot of people and that hopefully will push the price up as long as the whales continue to HODL. But that’s a different type of platform and its utility really only happens when you wrap it, at least as of now.”Â
Cuban reasons that while Bitcoin is primed to eat into gold’s market cap, it will do so slowly and only when it becomes easier for non-crypto specialists to gain exposure to the asset.
“You’re starting to see these [exchange-traded funds] pop up and ways for people to buy it. It’s too difficult still to get money into a wallet just to buy Bitcoin. So you need to have somebody that you can work with that is going to hold it for you, right? Because most people are going to be terrified of having that Bitcoin in their own custody. And so until that’s simple, people are going to want to buy it through traditional means – through their broker, or through Robinhood even, Coinbase to a lesser extent, but just that process of going through the Know-Your-Customer (KYC), AML stuff and connecting to your bank – it’s still too much of a hassle right now. It’s just easier for people to deal with a stock brokerage.
But as there is more and more opportunity for people to buy from people they already have their savings with and their retirements with, you’re going to see it chip away at gold. Because the reality is gold is sold off of narrative just like Bitcoin is. And it’s really built on trust – do you trust gold or do you trust Bitcoin?… Younger generations are going to trust Bitcoin because gold has no utility in and of itself. What is gold good for? It’s good for nothing.”
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