Billionaire entrepreneur and investor Mark Cuban had recently revealed via social media that he truly does believe that Bitcoin (BTC) is a much better option than gold. This is due to several reasons, as according to Mark, Bitcoin is much easier to convert, transfer, and trade than gold. Both gold and the flagship crypto are often viewed by most to act as inflation hedges. Interestingly enough, there have been a few investors who have even referred to Bitcoin as ‘gold 2.0’.
Furthermore, Mark had also stated that Bitcoin does not need any intermediaries and so it can also be factionalized. ‘William Devane-Esque commercials’ had also been referenced by the billionaire, which would help sell Bitcoin as the aforementioned hedge against inflation.
Gold vs. BTC
Devane had starred in Knots Landing (a popular soap opera) and has for more than a decade promoted gold for Rosland Capital. He often goes out of his way to convince his followers that as far as trust is concerned, gold is the only viable candidate.
When Oliver Renick from TD Ameritrade made it known that BTC’s relationship with actual interest rates tends to be extremely random and unpredictable, which would also indirectly suggest that the digital asset would not function as a type of inflation hedge, Mark Cuban responded by claiming that he had in fact never defended it.
Mark went on to say that nowadays, gold is essentially useless in many ways, but it is especially useless as a hedge. Bitcoin, on the other hand, he added, functions in a manner that many would agree is actually similar to that of gold, mainly because both tend to be influenced almost exclusively via supply and demand. However, he concluded, Bitcoin is better at both than gold.
Gold is still in high demand
The billionaire acknowledged that as of this moment, gold does indeed have a higher demand than that of Bitcoin. However, Mark expects this to change as time progresses, noting that Bitcoin is much easier and simpler to transact and that in time, the cryptocurrency will be understood and subsequently marketed in a much more informed and better way. As a result, Mark predicts that the gold market shall decrease exponentially.
In related news, Mark Cuban had also shown his support for Polygon (MATIC), with the investment having already been disclosed via one of his various websites.
