Billionaire investor and entrepreneur Mark Cuban has revealed on social media he believes bitcoin is better than gold as the flagship cryptocurrency is easier to trade, transfer, and convert. Both bitcoin and gold are seen by many as inflation hedges, with some calling bitcoin “gold 2.0.”
In a tweet, Cuban said that bitcoin requires no intermediaries and can be factionalized. He also referenced “William Devane type commercials” that would sell the cryptocurrency as a hedge against inflation.
Devane, who starred in the popular soap opera Knots Landing, has for the past decade been promoting the precious metal for Rosland Capital, telling potential customers that gold is the only currency he trusts.
When TD Ameritrade’s Oliver Renick replied that bitcoin’s “relationship with real interest rates is as random as it was day 1 ten years ago,” implying the cryptocurrency does not work as an inflation hedge, Cuban said he never defended it as such.
Gold is useless, pretty much across the board, but particularly as a hedge. BTC is a digital asset that is similar to gold because they both are driven exclusively by supply and demand. BTC does a better job with both.