Mark Cuban schools gold bug Peter Schiff, calls the yellow metal “dead”
Shark Tank star and American billionaire investor, Mark Cuban, has taken to the streets of Twitter to tackle the ever-vocal gold bug, Peter Schiff.
Replying to a tweet from Schiff accusing early Bitcoin investors of pumping and dumping the digital asset, Cuban said that gold is a dying store of value compared to emerging technologies like Bitcoin and Ethereum.
Let me help Peter. Gold is hyped as much as Crypto. Do we really need gold jewelry? Gold can make you a ring. BTC/Eth are technologies that can make you a banker, allow friction free exchange of value and are extensible into an unlimited range of biz and personal applications https://t.co/pJPdEAl5gq
— Mark Cuban (@mcuban) March 2, 2021
Schiff took a swipe at Wall Street investors calling them “dumb enough” to buy into Bitcoin and the crypto frenzy. Cuban, on the other hand, was willing to explain the charm behind the emerging crypto craze. Cuban wrote:
What we are seeing built with crypto today is just proof of concept. As tech continues to get better/cheaper/faster there will be new applications and maybe even something that supersedes what we know as crypto today. But Gold won't ever change.
It is not usual for Schiff to lash out at Bitcoin at every opportunity. The gold bug has gone head-to-head with Elon Musk and even slammed his own son for buying Bitcoin in the past. However, Schiff might have met his match in Mark Cuban.
While Cuban may not be as vocal as Musk or Michael Saylor of MicroStrategy, the billionaire appears to be a firm believer in Bitcoin and Ethereum. As reported by BTC PEERS, Cuban acknowledged that the crypto industry might turn out to be a bubble, but Bitcoin and Ethereum would likely survive.
