Mark Cuban Wants Bitcoin Price to Go Down so that He Could Buy More

Ruholamin Haqshanas
Last updated: | 2 min read
Image Source: YouTube / ABC

American billionaire entrepreneur Mark Cuban continues to remain bullish on Bitcoin, saying that he even prefers investing in the digital asset over gold.

The TV personality stated that he plans to buy more BTC when its price drops. “I want Bitcoin to go down a lot further so I can buy some more,” Cuban said in an interview with American comedian and talk-show host Bill Maher.

The statement comes as the flagship cryptocurrency has seen a nice run-up to $24,655.94, a level not seen in more than six months, despite increasing regulatory scrutiny from the U.S. government. The coin is currently trading around $24,500, up by more than 10% over the past day. 

The Shark Tank star and Dallas Mavericks owner also took a shot at gold owners, claiming that if “you have gold, you’re dumb as f—.” While Maher argued that gold “is like a hedge against everything else,” Cuban disagreed, saying:

“[Gold] is not a hedge against anything, right? What it is is a store of value and you don’t own the physical gold, do you … Gold is a store of value and so is Bitcoin.”

He also mentioned that gold doesn’t protect wealth in times of crisis. “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,” the crypto advocate said. 

Over $200M Shorts Liquidated as Bitcoin Breaches $24,000

Traders betting against the crypto market have suffered more than $200 million in losses over the past 24 hours as major cryptocurrencies surged higher in one of the most impressive rallies in about a year. 

According to data by CoinGlass, Bitcoin-tracked futures experienced $84.7 million in short liquidations over the past day while Ethererum-linked futures saw over $52 million in liquidations.

With the move higher in Bitcoin, “Bulls have negated a fledgling price downtrend on the daily bar chart and have now stabilized prices,” according to Kitco senior technical analyst Jim Wyckoff, who added that “The bulls and bears are back on a level overall near-term technical playing field.”

The recent rally comes as crypto markets were on edge earlier this week following increased regulatory scrutiny from U.S. authorities on digital currencies.

Last week, the SEC reached an agreement with crypto exchange Kraken to stop offering staking services or programs to clients in the country and pay $30 million in fines. The agency has also threatened Paxos, a US-registered firm that issues Binance’s stablecoin Binance USD (BUSD), with legal action due to its issuance of BUSD tokens. 

Furthermore, earlier this week, the SEC proposed a draft that would make it harder for hedge funds, private equity firms, and pension funds to work with crypto companies.