In a recent interview, billionaire investor and entrepreneur Mark Cuban explained why Bitcoin will be replacing gold for many investors.
Cuban is the majority owner of the professional basketball team Dallas Mavericks, as well as one of the “sharks” on the highly popular reality show “Shark Tank” (which is aired on the ABC television network).
Cuban made his comments during an appearance as a guest on an episode of the “UpOnly” podcast that was released earlier this month.
He had this to say about Bitcoin:
“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.“
Cuban says that as Btcoin becomes easier for retail investors to buy, we will “see it chip away at gold”:
“… 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.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a high risk of financial loss.