Mark Cuban wants the Bitcoin price to go down so he can buy more
American billionaire entrepreneur Mark Cuban remains bullish on Bitcoin, saying he even prefers investing in the digital asset over gold.
The TV personality stated that he plans to buy more BTC when the price drops. “I want Bitcoin to go down a lot further so I can buy some more,” Cuban said in an interview with American comedian and talk show host Bill Maher.
The statement comes as the flagship cryptocurrency has enjoyed a nice rally to $24,655.94, a level not seen in more than six months, despite growing regulatory scrutiny from US authorities. The coin is currently trading around $24,500, up more than 10% in the last day.
The Shark Tank star and Dallas Mavericks owner also took a shot at gold owners, claiming that if “you have gold, you’re dumb as f—.” While Maher argued that gold “is like a hedge against everything else,” Cuban disagreed, saying:
“[Gold] isn’t a hedge against anything, right? What it is is a store of value, and you don’t own the physical gold, do you… Gold is a store of value, and so is Bitcoin.”
He also mentioned that gold does not protect wealth in times of crisis. “You don’t own the bullion, and if everything went to hell in a handbasket and you had a bullion, you know what would happen? Someone would beat the f— out of you or kill you and take your gold bar,” the crypto lawyer said.
Over $200M Shorts Liquidated As Bitcoin Breaks $24K
Traders betting against the crypto market have suffered more than $200 million in losses over the past 24 hours as major cryptocurrencies surged higher in one of the most impressive rallies in about a year.
According to data from CoinGlass, Bitcoin-tracked futures experienced $84.7 million in short liquidations in the past 24 hours, while Ethereum-linked futures saw over $52 million in liquidations.
With the move higher in Bitcoin, “Bulls have negated another price downtrend on the daily bar chart and have now stabilized prices,” according to Kitco senior technical analyst Jim Wyckoff, who added that “the bulls and bears are back at a level overall. technical playing field in the short term.”
The latest rally comes as crypto markets were on edge earlier this week following increased regulatory scrutiny from US authorities on digital currencies.
Last week, the SEC reached an agreement with crypto exchange Kraken to stop offering betting services or programs to customers in the country and pay $30 million in fines. The agency has also threatened Paxos, a US-registered firm that issues Binance’s stablecoin Binance USD (BUSD), with legal action over the issuance of BUSD tokens.
Furthermore, earlier this week, the SEC proposed a draft that would make it more difficult for hedge funds, private equity firms and pension funds to work with crypto companies.
