Mark Cuban Wants Bitcoin To 'Go Down A Lot Further'

The ongoing bear run has tested the patience of most Bitcoin investors from space. However, it has also given critics a chance to re-cement their bear cases. Prominent Economist Peter Schiff, for instance, tweeted a few hours back that the “smart move” is to sell Bitcoin today.

Not everyone is on the same page as Schiff. American Entrepreneur Mark Cuban recently opined on a Club Random podcast episode that he wanted Bitcoin’s price to drop further so that he can fill up his bags. He said,

“I want Bitcoin to go down a lot further so I can buy some more.”

It is interesting to note that affordability and accumulation are going on hand in hand for Bitcoin at this stage. As illustrated below, addresses possessing 0-1K coins have accumulated a “lion’s share” of coins at the recent market lows. However, the behavior is in contrast with bag holders of the previous cycle tops.

Source: Twitter

Also Read – Bitcoin: Are Affordability & Accumulation Going Hand In Hand?

What About Gold?

Irrespective of Cuban’s stance, podcast host Bill Maher went on to state that he was “very anti-Bitcoin” and believed in the value of GOLD. He added that GOLD “never goes away” and is “like a hedge against everything else.” Opining on the same, Cuban said,

“If you have GOLD, you’re dumb as f***… No, but it’s not a hedge against anything, right? What it is the stored value and you don’t own the physical GOLD, do you? Gold is a stored value and so is Bitcoin.”

He added,

“You don’t own the GOLD bar, and if everything went to hell in a handbasket and you had a GOLD bar, you know what would happen? Someone would beat the f*** out of you or kill you and take your GOLD bar.”

On the price front, nonetheless, GOLD’s value is currently around the same level [$1800 threshold] where it was at this time last year. Bitcoin’s valuation, on the other hand, has dropped by 66.95% over the past year.

Source: goldprice.org

Also Read: Binance’s CZ Tweets About Bitcoin “Brain Wallets”: What Are They?

 Despite the macro turbulence, Cuban said that he still believed in crypto’s potential. He said,

“Separate the signal from the noise. There’s been a lot of people making a lot of mistakes, but it doesn’t change the underlying value.”

  • bitcoin
  • btc
  • GOLD
  • mark cuban

Comments

Post a Comment

Popular posts from this blog

Gala Music Takes Over Grammys Weekend To Discover Tomorrow’s Biggest Artists

Image
Disclaimer: The Industry Talk section Features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. Los Angeles, California, 8th February, 2023, Chainwire Right before one of the biggest nights for recording artists, Gala Music, a global leader in Web3 music, ran an Open Mic event to find and celebrate undiscovered talent by holding auditions to win a career-making contract with the company. Up-and-coming musicians lined the street outside The Wayfarer LA for a chance to launch their careers with Gala Music. Over 50 artists had the opportunity to perform in front of a live audience at the event which also attracted the attention of music industry experts, including Leila Steinberg, artist mentor and first manager for superstar rapper Tupac Shakur.  Given the ethos of Web3 music, the top five performances shortlisted will be streamed and put to a community vote on Gala Music’s weekly Web3 music show “Top of the Drops”  Th
Read more

Both LUNC And USTC Defy Expectations In Remarkable Comeback

Image
Both LUNC and USTC have shown signs of recovery after their prices plummeted on December 5. LUNC and USTC saw their prices rise over the past day despite the global cryptocurrency market cap dropping by 3%. The ongoing LUNC burns and the new proposal concerning USTC minting could be behind the tokens’ recovery. Since December 5, both Terra Classic (LUNC) and TerraClassicUSD (USTC) experienced significant price declines. As a result, many in the industry were left wondering if the end has come for the Terra Classic cryptocurrency duo. However, heading into the new week, both cryptocurrencies were able to make a comeback. At press time, USTC was trading hands at $0.04247 after its price was able to rise by 1.36% throughout the past 24 hours. The token’s 24-hour trading volume also ended up surging by more than 280%, which left it settling at around $264,444,330. With regards to LUNC’s performance, CoinMarketCap indicated that the altcoin saw its price dip b
Read more

Bittrex’s Bankruptcy Filing Approved By US Courts

Judge Brendan Shannon has approved the liquidation of Bittrex exchange. The approval would allow Bittrex to carry out plans for winding down its U.S. operations. Bittrex’s U.S. arm filed for Chapter 11 bankruptcy protection in May 2023. Judge Brendan Shannon  approved the liquidation of crypto exchange Bittrex at a hearing in Delaware on Monday, October 30, permitting the company to proceed with its bankruptcy plans. The approval would allow Bittrex to carry out plans for winding down its U.S. operations.  According to the reports, the Securities and Exchange Commission (SEC) accused Bittrex’s American subsidiary of operating an unregistered exchange, and the company filed for Chapter 11 bankruptcy protection in May.  Following the development, the company settled with the SEC for $24 million in August. Details of the report showed that Bittrex filed for the Order on October 26, 2023. The crypto exchange subsequently revised the filing on October 27
Read more