Shark Tank Investor Mark Cuban Defends Bitcoin: 'If You Have Gold, You're Stupid As A Whore'

Dallas Mavericks billionaire owner Mark Cuban has boldly defended Bitcoin BTC/USD while castigating anyone who invests in gold.

What Happened: In an episode of the Club Random podcast with host Bill Maher, which aired late Sunday night, Cuban shared his views on investing, specifically why he thinks investing in gold is a bad idea. .

"I want Bitcoin to go down a lot more so I can buy more of it," he said. "If you have gold, you're stupid as shit," he said.

Learn more: Best Crypto Day Trading Strategies

Cuba's stance on Bitcoin is a marked departure from Maher, who is "very anti-Bitcoin" and prefers to put his money in gold.

Cuban took a moment to explain to Maher why gold isn't the reliable hedge it's supposed to be. He pointed out that although investors perceive the value of gold, the asset is more about storing value than protecting it.

"You don't own the gold bar, and if everything went wrong in a hand basket and you had a gold bar, you know what would happen? Someone one would beat you or kill you and take your gold bar,” he said.

Maher pointed out that gold is something that is "always worth something", you can "always sell it" whereas Bitcoin is not.

The host of Shark Tank noted that investing in Bitcoin also works like stored value, but unlike gold, it offers investors real protection through its digital ledger . "It's a digital transaction and it's a stored value...So people perceive there's value associated with gold, there's value associated with Bitcoin."

Price Action: At the time of writing, bitcoin was trading at $16,887, up 0.27% in the last 24 hours, according to data from Benzinga Pro.

Read more: Bitcoin, Ethereum, Dogecoin Trade Muted: Hope For Santa Claus Rally Dampens as Analyst Cites Return of 'Christmas Palindrome Block'

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.