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A Shark Tank investor is laying out what he thinks must happen for Bitcoin (BTC) to take off as the better version of gold.
In a new interview with the Bankless podcast, billionaire Mark Cuban says BTC faces a problem of relative lack of utility and resulting lack of mainstream popularity.

“Part of the challenge for Bitcoin is, even with the Lightning Network, improving and becoming more popular. There’s not enough utility, but that’s the same problem gold has. Nobody needs gold jewelry. People like gold jewelry and want it, but they don’t need it. So there’s a utility issue with Bitcoin but, that said, like gold, it’s a good store of value.”
The billionaire then explains why he keeps BTC in his portfolio and what he thinks is bound to push Bitcoin to new highs.
“It’s a better store of value when you’re trying to be diverse in your portfolio, and that’s why I own it. Because I think even though I have no idea where it’ll go, I have no idea how low it will go, but I do know that once there are applications with smart contracts not on Bitcoin but across crypto that regular people use and figure out, just like streaming was a better version of getting audio and video than traditional media was when there’s better reason to use crypto applications, that’s when it takes off.”
Cuban also says Bitcoin works as a type of digital gold.
“I always analogize Bitcoin as it’s a better version of gold. It’s a digital version of gold and I truly believe that.”

I
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.



Featured Image: Shutterstock/Sergey Nivens/Nikelser Kate
The post Billionaire Mark Cuban Reveals Reason He Owns Bitcoin, Names Catalyst That Will Push BTC to New Heights appeared first on The Daily Hodl.


A Shark Tank investor is laying out what he thinks must happen for Bitcoin (BTC) to take off as the better version of gold. In a new interview with the Bankless podcast, billionaire Mark Cuban says BTC faces a problem of relative lack of utility and resulting lack of mainstream popularity. &#8220...

dailyhodl.com

Billionaire Mark Cuban Reveals Reason He Owns Bitcoin, Names Catalyst That Will Push BTC to New Heights

Billionaire investor Seth Klarman says he cannot see the point of crypto. “I don’t think anybody needs to own it. It just seems to me that it could end up very much in tears,” he added.

Seth Klarman on Crypto Investing, Gold, and U.S. Dollar
American billionaire investor and hedge fund manager Seth Klarman shared his views on a variety of topics, including cryptocurrency, gold, and the U.S. dollar, in an interview with Harvard Business School, released this week.
Klarman is the chief executive and portfolio manager of the Baupost Group, a Boston-based hedge fund he co-founded in 1982. The investment firm currently has about $30 billion under management. According to Forbes, his estimated net worth is $1.5 billion.
On the topic of cryptocurrency, Klarman said:
I can’t see the point of crypto. It has this feel to me of being like catnip for techies.
“The idea that we’re using more energy than the country of Iceland, to mine extra crypto, to solve math problems that don’t need to be solved, seems crazy to me,” he added.
“Why do people need 10 or 50 different cryptocurrencies? I don’t get it,” the billionaire investor continued, emphasizing:
I don’t think anybody needs to own it. It just seems to me that it could end up very much in tears.
In contrast, Klarman said: “I’m a fan of gold. I think gold’s valuable in a crisis.”

The Baupost Group boss also commented on the U.S. dollar. “The U.S. has had an enormous advantage of the dollar being the world’s reserve currency for a very long time. It’s unlikely to change anytime soon.” he opined.
Noting that “It’s hard to imagine people accepting Chinese currency,” the billionaire also said:
It’s hard to imagine people accepting cryptocurrency. There are just too many uncertainties.
Klarman has long been a crypto skeptic. He previously compared bitcoin to trading sardines.
The Baupost Group chief is a proponent of value investing, the strategy championed by legendary investors such as Warren Buffett and Benjamin Graham. Klarman has been dubbed “the next Warren Buffett” and “the Oracle of Boston.”
Buffett also does not see value in bitcoin and cryptocurrency. He previously said bitcoin was “probably rat poison squared.” In May, he said he wouldn’t pay $25 for all the bitcoin in the world.
What do you think about the comments by Baupost Group CEO Seth Klarman? Let us know in the comments section below.



























Billionaire investor Seth Klarman says he cannot see the point of crypto. &#x201C;I don&#x2019;t think anybody needs to own it. It just seems to me that it could end up very much in tears,&#x201D; he added. Seth Klarman on Crypto Investing, Gold, and U.S. Dollar American billionaire investor and ...

news.bitcoin.com

Billionaire Seth Klarman: I Can’t See the Point of Crypto — Nobody Needs to Own It

The advantages of holding bitcoin over gold have been publicized and debated countless times. These two digital assets, one a physical asset and the other referred to as the “digital gold”, have both gone head-to-head when it comes to which one is the better store of value. As the bitcoin crash raged on last week, the discussion is once again being had about the merits of holding a relatively stable asset such as gold compared to a volatile one such as bitcoin.
Gold Provides Cover
Over the past week, the price of bitcoin had declined more than 30%. This had led to a sea of red in the market as the rest of the cryptocurrencies followed suit. During this time, the year-to-date value of bitcoin had dumped significantly. This put the digital asset which had been outperforming its physical counterpart for quite a while behind it once more.
Related Reading | Over $250 Million In Liquidations As Bitcoin Recovers Above $20,000
Despite the year-over-year returns of gold being gown, it remained in the positive while that of bitcoin has declined into the red. As of Tuesday, gold is up 0.6% year-to-date, putting it in the green territory. As for bitcoin, the cryptocurrency is now down a whopping 55% on a year-to-date basis. 
The volatility of bitcoin has been a cause for concern for those in the traditional finance market. However, it has also been one of the biggest pulls for those invested in the asset. It had grown more than 50% last year to an all-time high of $69,000 before declining over the next six months to a low of $17,600.

BTC price trading below $21,000 | Source: BTCUSD on TradingView.com
While the sell-offs have rocked bitcoin, gold has not been as unfortunate. So when it comes to the argument of which of these digital assets serves as the better inflation hedge, gold has now come ahead of the cryptocurrency.
Bitcoin Going Down?
Bitcoin’s recovery streak has been encouraging over the past couple of days. After hitting a low in the $17,000 territory, the recovery has been steady ever since, save a few dips here and there. With this has come a recovery above the 5-day moving average for the first time in the last week.
Despite this, the selling pressure has remained high and more sell-offs are rocking the market. However, support is beginning to form above the $18,000.
Related Reading | Bitcoin Recovery Wades Off Celsius Liquidation, But For How Long?
There are also the implications of the price of the digital asset falling below the previous cycle high for the first time ever. It has given credence to the school of thought that the digital asset has not reached its bear market bottom. Coupled with the fact that bitcoin has previously fallen at least 80% in all its previous markets, the bottom is likely to come in at around $13,000.
Additionally, the bottom is expected to happen about 15 months after the previous halving which puts the bottom at some time in the 4th quarter of 2022.
Bitcoin is trading at $21,313 at the time of this writing. It is up 1.93% in the last 24 hours with a market cap of $405.8 billion.
Featured image from Kinesis Money, chart from TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…


The advantages of holding bitcoin over gold have been publicized and debated countless times. These two digital assets, one a physical asset and the other referred to as the “digital gold”, have both gone head-to-head when it comes to which one is the better store of value. As the bitcoin crash r...

newsbtc.com

Gold Proves To Be A Safe Haven Asset Amid Bitcoin Crash

Bloomberg’s senior commodity strategist Mike McGlone says a new deflationary period may be arriving to the financial landscape, from which Bitcoin (BTC) and gold could benefit.
The analyst tells his 47,700 Twitter followers that plummeting risk-on assets may evolve into a deflationary phase that boosts the flagship cryptocurrency, the yellow metal and US bonds.

“Too Hot Stocks vs. Maturing Bitcoin? Plunging risk assets in 1H [first half] are taking away inflation at a breakneck pace, which may translate into pre-pandemic deflationary forces resurfacing in 2H [second half]. Primary beneficiaries of this scenario may be gold, Bitcoin and US Treasury long-bonds.”
Source: Mike McGlone/Twitter
As Bitcoin continued dipping over the weekend, McGlone predicted that this week would see even more declines in risk assets. He says the big declines could reduce the need for the Federal Reserve to maintain its stance on monetary tightening.
“Down over 10% on Saturday, Bitcoin pointing to a big risk asset decline week. Feds 75 bps [basis points] hike may be the last, risk asset deflation doing the tightening for them. 1929ish – aggressive rate hikes despite plunging stock market, global GDP and consumer sentiment.”
Source: Mike McGlone/Twitter
Last week, the Bloomberg analyst said that the $20,000 level for Bitcoin could be the new $5,000.
During the 2018 bear market, the $5,000 price area served as support for Bitcoin for about a year. In 2020, the $5,000 level also acted as support for Bitcoin even though BTC briefly breached the area a couple of times.
“$20,000 Bitcoin may be the new $5,000 – The fundamental case of early days for global Bitcoin adoption vs. diminishing supply may prevail as the price approaches typically too-cold levels. It makes sense that one of the best-performing assets in history would decline in [the first half of 2022].”
Source: Mike McGlone/Twitter
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.



Featured Image: Shutterstock/Art Furnace
The post Bloomberg Analyst Says Bitcoin and Gold Could Benefit From Potential Incoming Deflationary Phase appeared first on The Daily Hodl.


Bloomberg&#8217;s senior commodity strategist Mike McGlone says a new deflationary period may be arriving to the financial landscape, from which Bitcoin (BTC) and gold could benefit. The analyst tells his 47,700 Twitter followers that plummeting risk-on assets may evolve into a deflationary phase...

Bloomberg Analyst Says Bitcoin and Gold Could Benefit From Potential Incoming Deflationary Phase


This week’s price movements for Bitcoin (BTC) and gold – and our stock pick is Bank of America.



BTC



Bitcoin’s weeks have gone from bad to worse. 



BTC was hovering around $30,000 towards the beginning of the month. It jumped up to $31,000 on June 6, only to drop down and repeat the next two days. 



Trading around $30,000 from June 8, BTC proceeded to tip downwards from June 10, falling below $28,000 on June 12, then dropping the next day. BTC fell to nearly $20,000 on June 15. 



It is currently trading around $21,000.



 via TradingView



After diving to an 18-month low, Bitcoin was buoyed by the U.S. Federal Reserve’s tough stance on inflation even in the midst of a market meltdown following crypto lender Celsius freezing customer withdrawals. 



“Some parts of the broader crypto ecosystem are facing a rather harsh reckoning,” said Mikkel Morch, executive director at digital asset hedge fund ARK36. “As the reality of the bear market starts to settle in, the hidden leverages and structural weaknesses of projects that only worked when the prices went up are finally brought to light.”



GOLD



Gold markets have been a bit rocky the past two weeks. Trading around $1,850 on June 2, the price of gold rose over $1,870 on June 3. 



From there it fell back down, dropping below $1,840 by June 7. Despite hitting nearly $1,860 the next few days, gold dropped below $1,830 on June 10, only to spike up to nearly $1,880. 



By June 14, however, it had fallen back to $1,820, sinking further under $1,810 the next day. Rebounding a bit, it is currently trading around $1,850.



 via TradingView



An easing dollar offset pressure from a large interest rate hike from the U.S. Federal Reserve helped to steady gold over the past few days. Gold’s safe-haven demand could fade further if the Fed successfully fights inflation without pushing the U.S. into a recession, said Carsten Menke, head of Next Generation Research at Julius Baer. 



“Commodity trading advisor liquidations can likely continue to weigh on the yellow metal, increasingly adding pressure on this cohort to liquidate their longs,” TD Securities said in a note.



BAC



Bank of America (BAC) has dropped over 20% in value over the past two months. On April 20, BAC was trading at nearly $40, but by April 25, it had already fallen to nearly $35, hitting that figure by the beginning of May. 



Jumping up to $38 on May 4, BCA continued to trickle down from there, hitting $33 on May 20. A spike on May 23 pushed it back up to $36, rising to $3750 by the end of the month. A downward trend sets in from June, gapping down significantly on June 10.



It is currently trading just above $31.



 via TradingView



It’s not only crypto markets that are being rocked, as America’s largest lender has also struggled amidst these tumultuous times. 



Yet, BoA analyst Jason Kupferberg conducted a survey of a thousand U.S. adults earlier this month, revealing that most intends to purchase crypto in the near future.



“It was interesting to see that 90% of respondents said that they do plan to buy some amount of crypto in the next six months,” Kupferberg said of the results. He added that it was the same percentage that said they had bought some crypto over the previous six months. 



Bank of America has no plans to offer its own cryptocurrency trading services.



What do you think about this subject? Write to us and tell us!
The post Gold, Stocks, and Bitcoin: Weekly Overview — June 16 appeared first on BeInCrypto.


This week’s price movements for Bitcoin (BTC) and gold - and our stock pick is Bank of America.
The post Gold, Stocks, and Bitcoin: Weekly Overview — June 16 appeared first on BeInCrypto.


Tether Gold price	$1,859.49
Low - High 24H	$1,847.52 - $1,861.01
Market cap	$458.07M
Volume 24H	$1.43M
All time high	$2,096.29 -11.42% May 19th 2021
All time low	$1,447.84 28.25% March 19th 2020
Genesis date	N/A

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