Billionaire Shark Tank star Mark Cuban, once a Bitcoin skeptic who preferred bananas to cryptocurrency, now sees value in Bitcoin. He has claimed Bitcoin is better than gold and told gold bug Peter Schiff to “keep going” because “gold is dead”.
Mark Cuban says gold is dead, Peter Schiff should go on
National Basketball Association (NBA) team owner Mark Cuban, in response to Peter Schiff’s comments on cryptocurrency, has argued that Bitcoin is better than gold.
Schiff tweeted this week, “Congratulations to those who bought Bitcoin early, raised the price, and got into the hype. You managed to get Wall Street to buy into the mania. When I first found out about Bitcoin, I didn’t think smart investors were stupid enough to buy. I was wrong. “Cubans replied:
Let me help Peter. Gold is just as hyped as crypto. Do we really need gold jewelry? Gold can make you a ring. BTC / ETH are technologies that turn you into a banker, enable a smooth exchange of values and can be expanded to an unlimited number of business and personal applications.
Schiff replied quickly: “Mark, many of your athletes wear gold jewelry. Ask them why. Gold has many uses outside of jewelry that add to its value as a metal. It’s not hyped at all. Gold is money. Bitcoin is 100% hype. There is nothing.”
The Shark Tank star further argued: “What we see building with crypto today is just a proof of concept. As technology keeps getting better / cheaper / faster, there will be new applications and maybe even something that will replace what we know as crypto today. “
He compared crypto to gold. “But gold will never change. That is why it will die as an SOV [store of value]”Said the Cuban to the ship.
He also emphasized, “Don’t forget that gold is a SOV that is based on technology. From picks and shovels to miners looking to keep improving. Those who could use the technology of the day to find and mine the most efficiently were rewarded the most. Similar to crypto today. “The owner of the Dallas Mavericks concluded:
Gold is dead Peter. Go on.
Schiff refused to admit, insisting that gold was superior to Bitcoin. In a separate tweet, he even commented that Cubans “should have stayed with bananas,” saying that the Shark Tank star “only changed his mind because the price had gone up and more people were stupid enough to buy it There is no new information. It’s the same bubble it always was, only bigger. “
The Cuban used to be a bitcoin skeptic and preferred bananas to bitcoin because he claimed he could at least eat one banana. On a comment on Twitter on his previous stance on BTC, Cuban replied, “What I said a few years ago was that it is not a currency and has no immediate use. Unlike a banana that I could eat. “He further clarified:
What has changed is De-Fi. Now BTC / ETH / others can make you your personal banker and enable many other types of TRX. This is useful.
Another Shark Tank star, Kevin O’Leary, recently changed his mind about Bitcoin. O’Leary, also known as Mr. Wonderful, was also a Bitcoin skeptic who worried that regulators would put a heavy load on cryptocurrencies. With the approval of two Bitcoin Exchange Traded Funds (ETFs) in Canada, he is now a Bitcoin investor investing 3% of his portfolio in cryptocurrencies.
Do you agree with Mark Cuban? Let us know in the comments below.
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