gold isdead, mark cuban bitcoin, mark cuban defi, mark cuban gold, mark cuban peter schiff, Peter Schiff, store of value

Billionaire investor and Shark Tank star Mark Cuban, once a bitcoin skeptic who preferred bananas to the cryptocurrency, now sees utility in bitcoin. He has made a case that bitcoin is better than gold, telling gold bug Peter Schiff to “move on†because “gold is dead.â€

Mark Cuban Says Gold Is Dead, Peter Schiff Should Move On

The owner of the National Basketball Association (NBA) team Dallas Mavericks, Mark Cuban, has argued that bitcoin is better than gold in response to Peter Schiff’s comments about the cryptocurrency.

Schiff tweeted this week: “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.†Cuban responded:

Schiff swiftly replied: “Mark, a lot of your athletes wear gold jewelry. Ask them why. Gold has many uses outside of jewelry that contribute to its value as a metal. It’s not hyped at all. Gold is money. Bitcoin is 100% hype. It’s nothing.â€

The Shark Tank star further argued: “What we are seeing built w/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.â€

He proceeded to compare crypto to gold. “But gold won’t ever change. Which is why it will die as a SOV [store of value],†Cuban told Schiff.

In addition, he emphasized: “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.†The Dallas Mavericks owner concluded:

Refusing to concede, Schiff insisted that gold is superior to bitcoin. He even commented in a separate tweet that Cuban “should have stuck with bananas,†stating that the Shark Tank star “only changed his mind because the price went up and more people were foolish enough to buy it. There is no new information. It’s the same bubble it always was, only bigger.â€

Cuban used to be a bitcoin skeptic, preferring bananas to bitcoin because he claimed he could at least eat a banana. Responding to a comment on Twitter about his previous stance on BTC, Cuban explained: “What I said a couple of years ago was that it wasn’t a currency and didn’t have any immediate utility. Unlike a banana that I could eat.†He further clarified:

Another Shark Tank star, Kevin O’Leary, also recently changed his mind about bitcoin. O’Leary, aka Mr. Wonderful, was also a bitcoin skeptic who was worried about regulators coming down hard on cryptocurrencies. However, with the approval of two bitcoin exchange-traded funds (ETFs) in Canada, he is now a bitcoin investor, putting 3% of his portfolio in cryptocurrencies.

Do you agree with Mark Cuban? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Comparing the True Costs of Gold Mining in Africa With Those of Bitcoin Mining

When billionaire Elon Musk announced that Tesla would no longer accept bitcoin as payment for its electric vehicles, the price of the crypto asset tanked. In justifying this decision, Musk cited bitcoin mining’s inefficient use of electricity as well as its impact on the environment. In fact, before Musk waded into this debate, many opponents […]

Xem chi tiết: Comparing the True Costs of Gold Mining in Africa With Those of Bitcoin Mining

Analyst Expects Bitcoin to ‘Grind Down’ to $15K, With a ‘Periodic Dead Cat Bounce’ Along the Way

An analyst from the biotech consulting group Biotechvalley Insights believes after bitcoin lost 53% from the crypto asset’s all-time high, “the party is clearly over.†The biotech consulting group analyst thinks crypto investors will witness a slow “grind down the slope of hope with a periodic dead cat bounce†and expects prices to drop to […]

Xem chi tiết: Analyst Expects Bitcoin to ‘Grind Down’ to $15K, With a ‘Periodic Dead Cat Bounce’ Along the Way

Analyst Expects Bitcoin to ‘Grind Down’ to $15K, With a ‘Periodic Dead Cat Bounce’ Along the Way

An analyst from the biotech consulting group Biotechvalley Insights believes after bitcoin lost 53% from the crypto asset’s all-time high, “the party is clearly over.†The biotech consulting group analyst thinks crypto investors will witness a slow “grind down the slope of hope with a periodic dead cat bounce†and expects prices to drop to […]

Xem chi tiết: Analyst Expects Bitcoin to ‘Grind Down’ to $15K, With a ‘Periodic Dead Cat Bounce’ Along the Way

BTC Supporters Call Price Drop a Mid-Bull Run Break, 2021 Bitcoin Chart Pattern Similar to 2013 Bull Run

After the price of bitcoin touched a high of $64,895 per unit, speculators and skeptics think it might have been the top of the bull run and a 2018-like bear run is next. On Sunday, May 23, bitcoin prices have dropped to a low of $31,107 and bears have managed to take the reigns for […]

Xem chi tiết: BTC Supporters Call Price Drop a Mid-Bull Run Break, 2021 Bitcoin Chart Pattern Similar to 2013 Bull Run

Comparing the True Costs of Gold Mining in Africa With Those of Bitcoin Mining

When billionaire Elon Musk announced that Tesla would no longer accept bitcoin as payment for its electric vehicles, the price of the crypto asset tanked. In justifying this decision, Musk cited bitcoin mining’s inefficient use of electricity as well as its impact on the environment. In fact, before Musk waded into this debate, many opponents […]

Xem chi tiết: Comparing the True Costs of Gold Mining in Africa With Those of Bitcoin Mining

BTC Supporters Call Price Drop a Mid-Bull Run Break, 2021 Bitcoin Chart Pattern Similar to 2013 Bull Run

After the price of bitcoin touched a high of $64,895 per unit, speculators and skeptics think it might have been the top of the bull run and a 2018-like bear run is next. On Sunday, May 23, bitcoin prices have dropped to a low of $31,107 and bears have managed to take the reigns for […]

Xem chi tiết: BTC Supporters Call Price Drop a Mid-Bull Run Break, 2021 Bitcoin Chart Pattern Similar to 2013 Bull Run

‘Bitcoin Is Dead’- Crypto Market Carnage Invokes Haters and BTC Obituaries

Digital currency markets have shed billions in value over the past week and during the market carnage, bitcoin haters have come out in flocks. Moreover, according to numerous crypto skeptics, bitcoin has officially died 21 times this year and this week’s downturn is sure to provide another eulogy. Bitcoin Haters Step Out to Troll Crypto […]

Xem chi tiết: ‘Bitcoin Is Dead’- Crypto Market Carnage Invokes Haters and BTC Obituaries

‘Bitcoin Is Dead’- Crypto Market Carnage Invokes Haters and BTC Obituaries

Digital currency markets have shed billions in value over the past week and during the market carnage, bitcoin haters have come out in flocks. Moreover, according to numerous crypto skeptics, bitcoin has officially died 21 times this year and this week’s downturn is sure to provide another eulogy. Bitcoin Haters Step Out to Troll Crypto […]

Xem chi tiết: ‘Bitcoin Is Dead’- Crypto Market Carnage Invokes Haters and BTC Obituaries

Report: South African Taxes and Smuggling Behind Gold’s Price Distortions in Zimbabwe

Report: South African Taxes and Smuggling Behind Gold’s Price Distortions in Zimbabwe

New SEC Chairman Unveils Policies for Cryptocurrencies, Calls Bitcoin ‘Scarce Store of Value’

New SEC Chairman Unveils Policies for Cryptocurrencies, Calls Bitcoin ‘Scarce Store of Value’

Gold Bug vs. Bitcoin Bug: A Look at the Curious Relationship Between Peter and Spencer Schiff

Goldman Sachs Doubts Bitcoin as Store of Value Citing Environmental Problems and ‘Lack of Real Use’

Federal Reserve Bank President Says Bitcoin Is Clearly a Store of Value

Morgan Stanley Says Central Bank Digital Currencies Not a Threat to Cryptocurrencies

Other Articles