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Bitcoin is better than gold: Shark Tank's Mark Cuban remains positive on crypto as bitcoin erases gains for the year

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(Kitco News) - Bitcoin can't seem to catch a break as prices fall to new lows for the year. Even supportive comments from billionaire investor Mark Cuban can't generate much bullish traction.

Tuesday, in a comment on Twitter, the Dallas Mavericks owner and Shark Tank star reiterated his view that bitcoin is better than gold.

"No worries about storing it. Easy to transfer. Easy to trade. Easy to convert. Doesn't require an intermediary. Can be fractionalized," Cuban said.


The comments come as the price of bitcoin falls to its lowest level since the start of the year. The digital currency is currently trading around $30,000 per token, down roughly 7% on the day.

Bitcoin has lost more than half its value after reaching a record high of around $65,000 a token in mid-April. Analysts have said that the cryptocurrency market has taken a beating as China cracks down on energy-intensive mining operations.

Cuban isn't the only major investor trying to breathe new life into the bitcoin market. Tuesday, Mike Novogratz, CEO of Galaxy Digita, said in an interview on CNBC's Squawk Box that prices can still recover even if there is still more downside risk.

Novogratz added that $30,000 remains the key price level to watch.

"We might plunge below it for a while and close above it. If it's really breached, $25,000 is the next big level of support," Novogratz said in the interview. "Listen, I'm less happy than I was at $60,000 but I'm not nervous."

Cuban has been negative on gold vs. cryptocurrencies since early March when he got into a Twitter spat with Peter Schiff, CEO and chief global strategist of Euro Pacific Capital. Cuban referred to gold as a "dead" asset that will never change.

However, he added that the technology behind cryptocurrencies will only get better, cheaper and faster.

"There will be new applications and maybe even something that supersedes what we know as crypto today. But Gold won't ever change. Which is why it will die as a SOV [store of value]," Cuban said back in March.

While bitcoin is struggling to find support, the gold market manages to hold above $1,750. The precious metal continues to recover after last week's rout, which saw prices drop around $100 after the Federal Reserve released its latest monetary policy decision and hinted that interest rates could start to move up in 2023.

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