On March 4, in an interview with CNBC, billionaire Mark Cuban shared his thoughts on a wide range of topics, including crypto and gold. Cuban, known for his straightforward and candid opinions, talked about the complexities of the healthcare industry, the potential of cryptocurrencies like Bitcoin and Ethereum, and his vision for revolutionizing access to affordable medications through his Cost Plus Drug Company.

Cuban is an American entrepreneur, investor, and media proprietor. He is best known as the owner of the Dallas Mavericks, a professional basketball team in the National Basketball Association (NBA). Cuban bought the Mavericks in 2000 for $285 million, and under his ownership, the team won its first NBA championship in 2011.

Cuban is also a prominent figure in the business world. He co-founded Broadcast.com, an online streaming company, in 1995 and sold it to Yahoo! for $5.7 billion in 1999. This sale made Cuban one of the wealthiest people in the world at the time. He has since invested in numerous startups and is known for his role as one of the main “shark” investors on the ABC reality television series “Shark Tank,” where entrepreneurs pitch their business ideas to a panel of potential investors.

Cuban’s conversation kicked off with his reflections on a recent White House roundtable discussion focused on healthcare costs, particularly the high prices of pharmaceuticals and the influential role of pharmacy benefit managers (PBMs). He criticized the major PBMs for practices that he believes inflate drug prices and stifle competition, advocating for policy changes that would promote more transparent and equitable pricing structures in the healthcare industry. Cuban emphasized the destructive impact these PBMs have on independent pharmacies and highlighted the cost savings his platform, Cost Plus Drugs, can offer by circumventing traditional markups.

Shifting the discussion to cryptocurrency, Cuban expressed enthusiasm for the ongoing rally in Bitcoin and Ethereum, attributing their appreciation to fundamental supply and demand dynamics. He described Bitcoin as an excellent store of value, preferring it over gold for its scarcity and the increasing interest from investors:

Cuban stated:

“Bitcoin in particular, and Ether, to a smaller extent, Bitcoin is just driven by supply and demand. There’s only going to be 21 million of them. The more people that buy, and the fewer people that sell, that means the price is going to go up. That’s just the nature of it. It’s a great store of value, that’s why I have an investment in it because I do feel that the demand is going to exceed the number of people selling.“

As for the seemingly eternal gold vs. Bitcoin debate, he said:

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“I’m investing in Bitcoin over gold all day, every day, and I’ve said that for years.“

While acknowledging the potential of Ethereum, Cuban pointed out the need for a “transitional application” that could bring cryptocurrencies into mainstream use:

“Eth, we’ll see what happens with the ETF and whether or not that gets approved, but because of the way it works, it’s a little bit different, and it’s a little bit more driven by utility, but there’s more and more applications coming for the utility.“

Despite the volatility and speculative nature of the crypto market, Cuban’s investment strategy favors digital currencies for their long-term growth potential.

Throughout the interview, Cuban underscored the importance of innovation and adaptability in today’s fast-paced business and technology landscapes. He stressed the transformative power of artificial intelligence (AI), urging companies and individuals to embrace AI or risk obsolescence. Cuban argued against the possibility of effectively regulating AI, emphasizing the need for the U.S. to attract global talent to maintain its competitive edge in the technology sector.

Regarding his business ventures, Cuban expressed pride in the achievements of the Cost Plus Drug Company, aiming to challenge the status quo of the pharmaceutical industry by offering generic drugs at transparent and significantly lower prices. He shared plans to expand the company’s offerings, including the launch of a manufacturing plant for sterile injectables to address drug shortages. Cuban passionately advocated for CEOs to take a more active role in managing healthcare costs, suggesting that a lack of engagement in this area could have dire consequences for businesses and their employees.

Cuban also reflected on personal decisions, including his choice not to run for president, prioritizing family time over political ambitions. He reiterated his commitment to impacting society positively through business and philanthropy rather than political office.

Featured Image via Pixabay

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• Source: https://www.cryptoglobe.com/latest/2024/03/mark-cuban-bitcoin-over-gold-all-day-every-day-peter-schiff-this-shark-is-swimming-in-the-wrong-tank/