While some market participants are panicking amid the recent crash, the most fervent HODLers are buying the dip. El Salvador’s president Nayib Bukele just announced a purchase of another 410 Bitcoin for $15 million. A Nation-State Buys The Dip Bukele announced his recent purchase in a tweet moments ago, faking out some of his followers. The president – known for trading the nation’s Bitcoin from his phone – last purchased Bitcoin in December. After bagging 21 Bitcoin for $1 million,…
On Monday, Dallas Mavericks owner Mark Cuban and prominent Bitcoiner Preston Pysh were at it again over Twitter. Amid their argument, Cuban asserted that Bitcoin was not and would never be an inflation hedge. Instead, like his Shark Tank co-star Kevin O’Leary, Cuban is primarily interested in a range of other altcoins, including Doge.
The spat began with Cuban wishing that spambots advertising various crypto projects on Twitter would disappear. But, unfortunately, such spam is rampant in crypto circles across all social media platforms, frequently redirecting to scammers and worthless schemes.
Pysh replied to Cuban two hours later, accusing the investor of hypocrisy for having promoted Dogecoin – a cryptocurrency created as a joke. Cuban has repeatedly advertised Doge as a non-serious “honest shitcoin” and a fun entry point for crypto newcomers.
Pysh also pointed out how Dogecoin has sunk 80% in value since its prime in May of last year. Tesla CEO Elon Musk had spent the previous two months promoting the coin, temporarily raising retail excitement before falling out of crypto’s top ten.
Cuban countered, asserting that Dogecoin’s 1-year performance is still staggering. He also clarified that he views Doge merely as a superior “lottery ticket” and “good for spending”. Then, he targeted Bitcoin.
“You think BTC is an inflation hedge? It’s not and never will be,” he said. “DOGE / BTC is flat last 30 days.”
Interestingly, Cuban still agrees that Bitcoin is “digital gold” but denies that gold is an inflation hedge. Instead, he called the idea a “marketing slogan” for both assets.
Cuban’s Relationship With Bitcoiners
Both Pysh and Cuban got into a heated argument in October, with the former accusing the latter of being a scammer for promoting Dogecoin. Cuban fired back at Pysh for being a toxic maximalist, which led to an audio debate between both men about the merits of Bitcoin.
Cuban claimed that while Bitcoin appreciates over time, it is, by consequence, not a good tool for spending. Combined with his recent comments, his opinion reflects Elon Musk’s belief that Doge is better than BTC for transactions.
Mark’s opinions are hardly ubiquitous, however. In November, Bloomberg called Bitcoin “the best inflation hedge around.” Other significant investors have aped into the asset for this very purpose, including athletes intent on preserving their wealth across time.