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Investing.com – The contentious feud between bitcoin and bitcoin continues to heat up from time to time, as billionaire Mark Cuban angered gold investors with his recent comments about the precious metal.
Billionaire Mark Cuban stated that he would double his purchases of gold and that he would prefer to invest in it over gold, as he sent a message to gold investors, saying, “If you have gold, you are an idiot.”
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Bitcoin is better than gold
Cuban said he wants a further drop in the price of bitcoin in order to buy some of it, as he sees it as a source of savings in the coming years.
And the prices of bitcoin, including bitcoin, have already fallen since the beginning of 2022 sharply, as they lost 65% of their value, while the price of ethereum fell by 69%, while the price fell by 80%.
The American billionaire also stressed that both gold and bitcoin serve as a store of value, and explained that bitcoin in particular is a good investment, and this does not mean that he recommends others to buy the digital currency.
Cuban has long expressed his interest in cryptocurrencies, appearing on several occasions speaking positively towards Bitcoin and its siblings, and even when the FTX platform collapse scandal surfaced, he stated last month that he still believed in cryptocurrencies.
Stupid gold investors
Although financial experts see gold as a good way to protect the value of an investment portfolio from declining during periods of inflation, Cuban described investors in the yellow metal as fools.
He added, “Gold derives its value from its relative scarcity and its long history in trading goods and services, while Bitcoin and other digital currencies are a relatively new payment method.”
Cuban confirmed that he had invested in gold, commenting: “You know what? If you own gold, that’s great without looking at investing in the precious metal just to hedge against something.”
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