Mark Cuban wants the Bitcoin price to drop so he can buy more
American billionaire entrepreneur Mark Cuban remains bullish on Bitcoin. He said that he prefers to invest in the digital asset than gold.
According to the TV personality, he will buy more Bitcoin when it drops in price. Cuban stated, “I want Bitcoin’s price to drop a lot more so I can purchase some more.” In an interview with Bill Maher, American comedian and talk-show host.
This statement comes at a time when the flagship cryptocurrency has enjoyed a nice run-up of $24,655.94. This level is not seen in over six months despite increased regulatory scrutiny by the U.S government. The current price of the coin is $24,500. This is more than 10% increase over the previous day.
Shark Tank star and Dallas Mavericks owner took aim at gold owners as well. He claimed that “you have gold, but you’re dumb” –.”. While Maher claimed that gold was “like a hedge against all else,” Cuban said:
“[Gold] It is not a hedge against any other thing, right? It is a store value, and you don’t have the physical gold.
He also said that gold does not protect wealth during times of crisis. You don’t have the gold bar. And if all went wrong, what would you do? The crypto advocate stated that someone would kill you or beat you to death and take your gold bars.
More than $200M in Shorts Sold as Bitcoin Breaches $24,000
Traders who bet against the crypto market are suffered Over $200 million in losses in the last 24 hours due to major cryptocurrencies rising higher in one the most impressive rallies in around a year.
CoinGlass data shows that Bitcoin-linked futures have seen $84.7 million in liquidations in the last day, while Ethererum-linked futures had over $52million in liquidations.
According to Jim Wyckoff (Kitco senior technical analyst), “Bulls have stopped a fledgling downtrend in the daily price bar chart and have now stabilised prices.” Additional “The bulls & bears are now on an even technical playing field in the near-term.”
This rally is due to crypto markets being on edge this week after increased regulation by U.S authorities regarding digital currencies.
The SEC and Kraken, a crypto exchange, reached an agreement last week to cease offering staking programs or services to clients in the country. They also agreed to pay $30 million in penalties. Paxos (a US-registered company that issues Binance’s stablecoin Binance USD, or BUSD), has been threatened by the agency with legal action for issuance of BUSD tokens.
The SEC also proposed earlier this week a draft to make it more difficult for pension funds, hedge funds, and private equity firms to work with crypto-companies.