Arguments about whether gold or Bitcoin (BTC) is a better store of value that continues to occur in the cryptocurrency space and in traditional investment circles.
In the last episode of Bill Maher random club podcast, which aired on Dec. 26, billionaire Dallas Mavericks owner Mark Cuban advocated for Bitcoin to be a better store of value than gold.
In response to Maher openly admitting that he is “supporting Bitcoin,” Cuban chimed in with cheeky agreement, commenting, “I want Bitcoin to go much lower so I can buy more.” Cuban went on to offer a friendly punishment to Maher, saying, "If you have gold, you're a fool as fuck," before encouraging him to "just get Bitcoin."
The two then discussed the pros and cons of both asset categories, with the billionaire stating that gold "isn't a hedge against anything," while insisting to Maher: "You don't own the physical gold, do you?"
Speaking to Cointelegraph, Cuban confirmed that he does, in fact, own more Bitcoin than he does gold, even going a step further to admit: “Yes. I don't have any gold. However, while Cuban told Cointelegraph that he personally chooses self-custody, he disagreed with the idea that people who do not have their own coins or gold are necessarily asking for trouble. When it comes to safely storing valuable assets, he said:
“Depends where. If the custodial host lends the gold or cryptocurrency for whatever reason, then there is significantly higher risk. If it's not self-custodial, I'd make sure it's a regulated entity that has required controls and minimum liquidity requirements."
Related: Russia's largest bank issued gold-backed digital financial assets
On Oct. 25, Cointelegraph reported that Bitcoin's growing correlations with goldthe S&P 500 and Nasdaq 100 indicated that a growing number of investors view BTC as a "relative safe haven."
According to Bank of America digital strategists, the increasing correlation between Bitcoin and gold is one of the leading indicators demonstrating investor confidence in BTC amid the ongoing economic downturn.
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