Billionaire investor and Shark Tank star Mark Cuban was once a Bitcoin skeptic. He prefers bananas to cryptocurrencies and now sees the utility of Bitcoin. He offered reasons why Bitcoin is better than gold, telling the gold bug Peter Schiff to “keep going” because “gold is dead.”
Mark Cuban says gold is dead, and Peter Schiff should move on
Mark Cuban, owner of the National Basketball Association (NBA) team Dallas Mavericks, argued that in response to Peter Schiff’s comments on cryptocurrencies, Bitcoin is better than gold.
Schiff tweeted this week: “Congratulations to those who bought Bitcoin early, raised the price, and have been hyping up. You succeeded in making Wall Street a lunatic. When I first learned about Bitcoin, I didn’t I don’t think smart investors are too stupid to buy. I was wrong.” The Cuban replied:
Let me help Peter. Gold is as hyped as cryptocurrencies. Do we really need gold jewelry? Gold can make you a ring. BTC/ETH is a technology that can make you a banker, realize frictionless exchange of value, and can be extended to an unlimited range of business and personal applications.
Schiff quickly replied: “Mark, many of your athletes wear gold jewelry. Ask them why. Gold has many uses other than jewelry, which can contribute to its value as a metal. It has not been hyped at all. Gold is money. Bitcoin is 100% hype. Nothing.”
The Shark Tank star further argued: “The devices we see today with cryptocurrency are just proofs of concept. With the continuous advancement of technology (cheaper/faster), there will be new applications, even possible Replace the cryptocurrency as we know it today.”
He set out to compare cryptocurrencies and gold. “But gold will never change. That’s why it will die as SOV [store of value]”, the Cuban told Schiff.
In addition, he emphasized: “Don’t forget that gold is an SOV based on technology. From picks and shovel to continuously improved mining operations. Who can use today’s technology to find and dig the most effectively will be the biggest Gain. Just like cryptocurrency today.” The Dallas Mavericks owner concluded:
Kim died Peter. carry on.
Schiff refused to admit it, insisting that gold is superior to Bitcoin. He even commented in another tweet that Cuba “should be stuck by bananas” and pointed out that the star of Shark Tank “just changed his mind because the price went up and more people bought it stupidly. No new information The bubble has always been the same, but bigger.”
The Cuban used to be a Bitcoin skeptic. He prefers bananas to Bitcoin because he claims that he can eat at least one banana. In a comment on Twitter regarding his previous stance on BTC, Cuban explained: “A few years ago I said that it is not currency and has no direct effect. It’s not like bananas that I can eat.” He further clarified:
What has changed is De-Fi. Now, BTC/ETH/others can make you your own private banker and facilitate many other types of trx. That is a utility.
Another “Shark Tank” star Kevin O’Leary (Kevin O’Leary) also recently changed his mind about Bitcoin. O’Leary, also known as Mr. Wonderful, is also a Bitcoin skeptic. He fears that regulators will crack down on cryptocurrencies. However, after obtaining approval from two Bitcoin exchange traded funds (ETFs) in Canada, he is now a Bitcoin investor, using 3% of his portfolio in cryptocurrencies.
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