Billionaire Mark Cuban Hates Bitcoin and Gold Equally: ‘I’d Buy a Pet Rock First’
Tech billionaire Mark Cuban, owner of the Dallas Mavericks, hates both gold and bitcoin, saying they’re not viable alternatives to currency.
“I hate gold. Gold is a religion,” Cuban told Kitco (video below). “I do not see gold as an alternative to currency. Not at all. Let’s put it this way: I don’t see people in Puerto Rico carrying around big bags of gold to try to save things.”
Cuban said both gold and bitcoin derive their values from supply and demand, but have no inherent value. He said “hate” is not strong enough a word to capture his antipathy for gold.
“Hate with extreme prejudice, with an ounce of hot sauce” is how the billionaire star of “Shark Tank” says he feels about gold, and by extension, bitcoin.
“I see gold and bitcoin as being the same thing,” he said. “They’re book collectibles. Their value is based off of supply and demand…I’d sooner buy a pet rock.”
Cuban added: “The good news about bitcoin is that there’s a finite supply that’ll ever be created, and the bad news about gold is that they’ll keep mining more.”