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On Tuesday (March 2), American billionaire Mark Cuban explained to Bitcoin hater Peter Schiff why gold did not have a bright future as a store of value asset.
Cuban is the majority owner of the professional basketball team Dallas Mavericks, as well as one of the “sharks” on the highly popular reality show “Shark Tank” (which is aired on the ABC television network).
Peter Schiff, who is one of Bitcoin’s harshest critics, is the CEO of Euro Pacific Capital, a full-service, registered broker/dealer specializing in foreign markets and securities, and founder and Chairman of SchiffGold, a full-service, discount precious metals dealer.
Yesterday (March 1), Schiff expressed his frustration over the fact that Wall Street firms “now advocate buying Bitcoin” via the following tweets:
I find it interesting that major Wall Street firms, that loaded up on subprime mortgages and were completely blind-sided by the 2008 financial crisis, that would have gone bankrupt but for Fed bailouts, now advocate buying #Bitcoin to profit from the Fed's bailout of the economy.
— Peter Schiff (@PeterSchiff) March 1, 2021
Congratulations to those who bought Bitcoin early, pumped up the price, and who've been dumping into the hype. You succeeded in getting Wall Street to buy into the mania. When I first learned about #Bitcoin I didn't think smart investors would be dumb enough to buy. I was wrong.
— Peter Schiff (@PeterSchiff) March 1, 2021
Cuban then decided to school Schiff on gold and explain to him why gold is past its prime (now that we have Bitcoin):
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
He then added:
Don't forget, Gold was a SOV built on technology. From picks and shovels to mining operations that keep trying to improve. Whoever could use the tech of the day to find and mine the most efficiently was the most rewarded. Much like Crypto is today. Gold is dead Peter. Move on.
— Mark Cuban (@mcuban) March 2, 2021
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.