Billionaire investor Mark Cuban has publicly endorsed Bitcoin as a superior alternative to gold in times of economic crises.

What Happened: In an interview with Wired, Cuban stated that Bitcoin is a “better version of gold.” He reasoned that, like gold, Bitcoin is considered a safe haven by many investors during economic downturns.

During the intervew, Cuban highlighted that Bitcoin has several advantages over gold in such circumstances. He noted that gold, especially in bar form, is heavy, prone to theft, and challenging to exchange for goods and services.

“Interest in gold isn't based off the supply and demand of jewelry. People see it as an option in the event of the economy going down or something bad happening," Cuban said.

On the other hand, he said Bitcoin is easy to carry and more practical for smaller transactions.

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“People look at Bitcoin as a better version of gold, and I agree with that. It’s easier to buy and sell. You can fractionalize it, you can buy things, you can transfer it internationally. And so I think it has more value than gold,” he added.

While gold and Bitcoin are both viewed as hedges against economic instability, Cuban’s remarks indicate that the digital currency could be a more feasible option during a severe economic crisis.

Why It Matters: Cuban’s endorsement of Bitcoin over gold during economic crises is significant. His views reflect a growing trend among investors who are increasingly recognizing the potential of digital currencies as a hedge against economic instability.

This shift in perspective could potentially influence the investment strategies of others, further propelling the adoption and acceptance of Bitcoin in the mainstream financial landscape.

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