Billionaire Mark Cuban defends bitcoin, saying that investing in gold is stupid.

“I want Bitcoin to fall a lot more so I can buy more,” says Dallas Mavericks owner Mark Cuban.

The wealthy owner of the Dallas Mavericks, Mark Cuban, has defended Bitcoin while criticizing gold investments.

According to Fortune, broadcaster Bill Maher stated in a podcast episode that aired today that he is “extremely anti-Bitcoin” and believes in the value of gold.

“I want Bitcoin to go down a lot further so I can purchase more,” Cuban said, adding, “If you have gold, you’re dumb.”

It should be noted that Bitcoin lost more than 60% of its value in 2022.

Maher stated that gold “never goes away” and that it acts “like a hedge against everything else”.

“It’s not a hedge against anything,” Mark Cuban responded. You don’t own the physical gold, it’s only a stored value. Gold, like Bitcoin, is a store of value.”

“You don’t own the gold bar, and what would happen if everything went wrong and you had a gold bar? Someone would beat you up or murder you for your gold bar,” he added.

In the past, the wealthy businessman has been critical of gold investments. “I loathe gold,” he declared in an interview with Kitco News in 2019. Gold is a religious symbol.”

Despite the failure of the FTX exchange, Cuban stated that he remains optimistic about the future of cryptocurrencies.
“Remove the signal from the noise,” he said. “There were many people who committed mistakes, but this does not diminish the core merit.”

He did, however, add that he “doesn’t counsel people to buy Bitcoin,” despite the fact that he still believes it is a good investment.

Mark Mobius, the millionaire co-founder of Mobius Capital Partners, has projected that Bitcoin will fall to $10,000 in a year, down from $16,800 today. Indeed, he “fell in” on his projection of a $20,000 decline this year.

At $4,000 for gold? Analyst forecasts for 2023

According to Juerg Kiener, managing director and chief investment officer of Swiss Asia Capital, gold prices are anticipated to climb above $4,000 per ounce in 2023 as interest rate hikes and recession fears keep markets turbulent.

According to Kiener, the price of the precious metal might rise to between $2,500 and $4,000 during the next year.

There is a good chance that the gold market will reach “new highs,” and “it won’t just be 10% or 20%,” Kiener said.

He explained that many economies could experience a small recession in the first quarter of the new year, prompting many central banks to halt the pace of interest rate hikes, making gold more appealing, pointing out that gold is the only asset held by each central bank.

The World Gold Council reports that central banks purchased 400 tonnes of gold in the third quarter, nearly double the previous record of 241 tonnes in the same period in 2018.

“Since the 2000s, the average return [on] gold in any currency has hovered between 8% and 10% each year. This has not been accomplished in the bond or equity markets.”

Kiener stressed that gold is an excellent inflation hedge and a valuable complement to any portfolio.

Opposite viewpoint

Despite robust demand for gold, Kenny Polcari, senior market strategist at Slatestone Wealth, believes it will not more than double in price next year.

“I’m not aiming for $4,000, though I’d love to see it there,” he said on CNBC’s “Street Signs Asia” on Thursday.

According to Polcari, gold prices will experience a pullback and resistance near $1,900 per ounce. Prices will be determined by how inflation reacts to global interest rate hikes, he said.

“I enjoy gold. “I’ve always had a thing for gold,” he explained. “Gold should be part of your investment portfolio. I believe it will go better, but I do not have a $4000 price target.”

Gold rose on Tuesday as the US dollar fell following the Bank of Japan’s unexpected statement that it will change policies on the domestic bond market.

Following the statement, gold prices rose 1% above the critical $1,800 barrier before dipping on Wednesday as the dollar rebounded.

China is a significant purchaser.

When asked if supply is low due to high demand, Kiener of Swiss Asia Capital stressed that “there is always supply, although perhaps not at the desired price.”

The high costs aren’t sitting well with Chinese purchasers who pay a premium for the precious metal, he says.

According to Reuters, China’s central bank added roughly $1.8 billion in gold to its reserves earlier this month, raising the total value to about $112 billion.

“Asia has been a significant buyer. And, if you look at the overall trade, gold is effectively leaving the West and heading to Asia,” he continued.

Investor guidance

Nikhil Kamath, co-founder of India’s largest brokerage Zerodha, suggested that investors commit 10% to 20% of their portfolio to gold, calling it a “strategy” that will begin in 2023.

“Gold has historically moved inversely to inflation and has been a solid inflation hedge,” Kamath told CNBC on Wednesday.

“If you look at how much gold was required to buy a typical property in the 1970s, you probably need the same or less gold today than you did then or in the 1980s or 1990s,” he noted.

Using data from Fortune , CNBC , imiresia