Mark Cuban hasn’t always been the biggest fan of Bitcoin, Ethereum, and other cryptocurrencies, but he’s recently come around as other Shark Tank investors have.
Surprisingly, though, Cuban has come to the defense of the emerging technology, telling gold bug and vehement digital asset naysayer Peter Schiff that his precious metal is now dying as a store of value at the hands of the cryptocurrencies like Bitcoin and Ethereum.
Billionaire Shark Tank Investor Schools Peter Schiff On Crypto
It isn’t at all uncommon to find long-time gold bug Peter Schiff trashing cryptocurrencies ever chance he gets from his Twitter account soapbox. He’s even slammed his own son for buying Bitcoin in the past – an investment that proved dear old Dad very wrong.
He took a recent opportunity to bash the asset class, surprised that “smart investors” on Wall Street were “dumb enough” to buy into Bitcoin and other digital assets, but was met with a sharp-tongued response from billionaire investor and entrepreneur Mark Cuban.
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
Cuban blasted back at Schiff offering his “help” in explaining the charm behind the emerging technology. According to Cuban, gold is dying as a store of value, because it cannot adapt and change to address the current or future needs of society. Bitcoin and Ethereum, however, can.
Bitcoin and Ethereum have recently turned Mark Cuban and other sharks into believers | Source: BTCUSD on TradingView.com
“Gold Is Dead,” And How Mark Cuban Came Around To Bitcoin And Ethereum
Mark Cuban, who knows a lot about tech revolutions starting from the ground up, says that the current use cases for crypto are just “proof-of-concept” and advances will change the asset class in the years to come. Meanwhile, gold will always stay exactly the same.
The fact that these technologies have evolved over the past several years are what have won over the Shark Tank investor and peers among his panel on the popular ABC primetime show.
Related Reading | Overheard On CNBC: If It Wasn’t For Bitcoin, Gold Would Be $3K
Cuban has recently become enamored with NFTs, Robert Herjavec is a “big believer” in the long-term future of the technology, and even Mr. Wonderful Kevin O’Leary has moved a portion of his portfolio into Bitcoin and Ethereum.
As more high wealth investors become convinced in the cryptocurrency’s staying power, the more that are moving capital into the asset class. Gold, on the other hand, is still the same asset it always has been and is always going to be, and doesn’t need any further convincing.
Rather than Peter Schiff attempting to convince investors why they shouldn’t buy crypto, perhaps he should be more focused on why they shouldn’t sell their dying store of value – gold – instead.
Featured image from Deposit Photos, Charts from TradingView.com