Mark Cuban trashes Peter Schiff, the well-known gold bug, saying that Gold is dead and Bitcoin and ethereum are the future, despite not being always the biggest fan of BTC himself in his past so let’s read more in our latest BTC news today.
Cuban came to the defense of the emerging technology, defending both BTC and ETH. Mark Cuban trashes Peter Schiff telling him that the precious metal is now dying as a store of value at the hands of cryptocurrencies like BTC and ETH. It’s not uncommon to find Schiff hating on cryptocurrencies but he got slammed by his son as well for buying BTC in the past which proved him wrong.
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 took the opportunity to bash the asset class and surprised investors on Wall Street who were dumb to buy into BTC and other digital assets but was met with a strong response from billionaire investor and entrepreneur Mark Cuban. He blasted back at Schiff offering his “help” in explaining the benefits behind the emerging technology. Gold is dying as Cuban said especially as a store of value as it cannot adapt and change to address the current or future society needs while BTC and ETH can.
Cuban says that the current use case for crypto is just a proof of concept and advances will change the asset class in the next few years while gold will stay the same. The fact that these technologies evolved in the past few years is what won over the investor and his peers among the Shark Tank show. He became enamored with NFTs as well and even Keven O’Leary moved a chunk of his portfolio into the cryptocurrencies.
With high wealth investors becoming convinced in the crypto’s staying power, more will move capital into the asset while gold is the same asset that it has always been and doesn’t need more convincing. Peter Schiff is however trying to convince investors why they should not buy crypto but he should be more focused on why they should sell their gold instead.
As recently reported, In an interview, Cuban told Jason Calacanis from the Angel Podcast that blockchain technology and the decentralized finance space are on the verge of fundamentally changing many industries.
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