04.03.202112:08 Forex Analysis & Reviews: Mark Cuban: gold is dead, digital assets to be future of business

Recently, analysts have been comparing gold with bitcoin. In fact, they more and more often call bitcoin "digital gold". Billionaire Mark Cuban supposes that gold is dying as a means of saving money. At the same time, the blockchain technology continues developing. Crypto currencies are attracting more and more investors. Transactions are becoming faster and cheaper.

Cuban also believes that gold prices are higher than they really are. At the same time, some crypto sceptics think that bitcoin is overestimated, has no sound reasons for a rise, and represents a bubble that may burst any time. However, Cuban does not share the opinion of those analysts who consider bitcoin as nonentity. He has a completely opposite view on the first cryptocurrency. He sees bitcoin as a technology that allows people to transfer money fast and cheaply. The blockchain technology could be applied in various aspects of science and technology.

"Gold was a SOV built on technology. From picks and shovels to mining operations that keep trying to improve. Whoever could use the tech of the day to find and mine the most efficiently was the most rewarded. Much like Crypto is today," Cuban said.

Importantly, just a year ago, the investor had an opposite opinion about bitcoin. However, the popularization of the crypto currency made a lot of people change their mind.

We would like to emphasize that most investors expect that bitcoin will hit new record highs every day. In fact, the asset may gain in value for years or decades. Bitcoin needed 13 years to reach the current levels. What is more, the fundamental data also influences the bitcoin price.

Recently, it became known that experts at JPMorgan considered bitcoin the worst means for risk diversification. They did not recommend their clients making large investments in the cryptocurrency. Bill Gates also made negative comments about the asset. Notably, most people believe him. The former head of Microsoft said that the crypto currency mining requires a lot of energy and is highly harmful to the environment. Moreover, transactions also consume a lot of energy. At the same time, most experts suppose that at the beginning of 2021, there were a lot of events concerning bitcoin. That is why the crypto currency may enter a calm period and consolidation. We think that the consolidation above $52,400 per coin could become a signal of a new surge.