US billionaire entrepreneur Mark Cuban remains bullish on bitcoin, saying he prefers investing in the digital asset over gold.
The TV personality said that he plans to buy more BTC when its price drops. “I Want Bitcoin To Go Down So I Can Buy More,” Cuban Said In an interview with American comedian and talk-show host Bill Maher.
The leading cryptocurrency has seen a decent run-up to $24,655.94, a high not seen in more than six months, despite increased regulatory scrutiny by the US government. The coin is currently trading around $24,500, up more than 10% over the past day.
The Shark Tank star and Dallas Mavericks owner also took aim at gold owners, claiming “if you have gold, you’re stupid as f—.” While Maher argued that gold is “like a hedge against everything,” Cuban disagreed, saying:
,[Gold] Not a defense against anything, is it? What it is is a store of value and you don’t own physical gold, do you… Gold is a store of value and so is bitcoin.
He also mentioned that gold does not protect wealth in times of crisis. “You don’t own a gold bar, and if everything goes to hell and you own a gold bar, you know what would happen? Someone will beat the f out of you,” said the crypto advocate. Or kill you and take your gold bar.
Over $200M of shorts liquidated as bitcoin crosses $24,000
Traders betting against the crypto market had to face More than $200 million was lost in the past 24 hours as the leading cryptocurrency surged in one of the most impressive rallies in nearly a year.
According to data from Coinglass, bitcoin-tracked futures experienced $84.7 million in short liquidations over the past day, while futures pegged to Ethereum saw more than $52 million in liquidations.
With bitcoin moving higher, “bulls have negated a fresh price decline on the daily bar chart and have now stabilized the price,” according to Jim Wyckoff, senior technical analyst at Kitko. couple that “bulls and bears are back to near-term technical play levels overall.”
The recent rally comes as crypto markets gained ground earlier this week following increased regulatory scrutiny by US authorities on digital currencies.
Last week, SEC Signed an agreement with crypto exchange Kraken To stop offering staking services or programs to customers in the country and pay a fine of $30 million. agency is also Paxos threatenedIs a US-registered firm that issues Binance’s stablecoin Binance USD (BUSD), with legal action due to the issuance of BUSD tokens.
Also, 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.
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