Mark Cuban Wants To Buy Bitcoin At Much Lower Prices

by | Dec 28, 2022 | Bitcoin, Market, Market News, News | 0 comments

The Bitcoin price was $16,825.85, down -0.10% in the last 24 hours. The current price movement of Bitcoin has resulted in a market value of $323,794,533,258. Bitcoin has changed -63.61% so far this year. According to CoinDesk’s Digital Asset Classification Standard, Bitcoin is classed as a currency (DACS). Bitcoin is the world’s first decentralized cryptocurrency, a sort of digital asset that records, signs, and sends transactions across the Bitcoin blockchain without the control of a central authority.

The Bitcoin network (with an upper-case “B”) was established in January 2009 by an unknown computer programmer or group of programmers under the alias “Satoshi Nakamoto.” The network is a peer-to-peer electronic payment system that employs bitcoin (lower case “b”) as a cryptocurrency to transmit value via the internet or as a store of value like gold and silver. Each bitcoin is composed of 100 million satoshis (the smallest unit of bitcoin), making each bitcoin divisible to eight decimal places. That implies that anyone may buy a fraction of a bitcoin for as low as one US dollar.

Billionaire software entrepreneur Mark Cuban is positive on Bitcoin, predicting that the price will continue to fall. “I want Bitcoin to fall a lot further so I can purchase some more,” Cuban remarked on comedian Bill Maher’s “Club Random” podcast. The owner of the NBA’s Dallas Mavericks stated that investing in gold was not worthwhile, preferring digital assets. Mark Cuban, who is worth $6.25 billion, has long been a supporter of cryptocurrencies, notably Bitcoin, Ethereum, and Dogecoin.

“Gold is a store of value, as is Bitcoin,” he explained when Maher made the analogy that what if everything had been to hell in a handbasket but they had a gold bar? Someone would have assaulted or murder you and stolen your gold bar. It is useless.” Owning gold these days, according to the investor, it is essentially the same as owning a digital transaction, therefore he opted to invest in Bitcoin.

According to CoinGecko, bitcoin is currently selling at $16,844, which is more than 75% down from the all-time high of $69,044 it reached last year. In 2022, gold—and silver—performed far better as investments. Despite the fact that the crypto market and US equities have taken a beating, metals have mostly kept their worth. Gold is presently priced at $1,800 per ounce, up from $1,807 at this time last year.

Bitcoin, according to Maher, is not worth purchasing since it is not backed by anything. But Mark Cuban retorted, claiming that owning stock in “90% of the firms out there” was similarly meaningless. During the two-hour chat, the two agreed on at least one point: that San Francisco is no longer a good place to establish a digital startup, with Mark Cuban calling the city “pretentious.”

Cuban said that an entire industry had been pushed out and the entire technical sector had deteriorated from and this is the latest thing, to just people urinating on the street. SEC Chair Gensler’s attitude on bitcoin is criticised by Mark Cuban. Cuban was originally a sceptic of cryptocurrencies, but his NBA club now takes cryptocurrency for tickets and merchandising. It became the first basketball team to take Dogecoin in 2021. Since then, Mark Cuban, along with billionaire Elon Musk, has stated that Dogecoin, a cryptocurrency established as a joke, may be beneficial for making payments.