Mark Cuban wasn’t always the biggest fan of Bitcoin, Ethereum, and other cryptocurrencies, but he’s recently popped up along with other Shark Tank investors.
Surprisingly, however, the Cuban has come to the defense of emerging technology and has told gold bug and vehement naysayer for digital assets, Peter Schiff, that his precious metal is now dying as a store of value through cryptocurrencies like Bitcoin and Ethereum.
Billionaire Shark Tank Investor Schools Peter Schiff On Crypto
It is by no means unusual for Peter Schiff, a longtime gold bug, to destroy cryptocurrencies that he ever received from his soapbox with a Twitter account. He even beat up his own son for buying Bitcoin in the past – an investment that has proven very wrong.
Related reading | “Wonderful” Shark Tank Investor is shifting part of the portfolio to Bitcoin and Ethereum
He recently took the opportunity to beat up the asset class. He was surprised that “smart investors” on Wall Street were “stupid enough” to buy into Bitcoin and other digital assets, but was sharply approached by billionaire investor and entrepreneur Mark Cuban.
Let me help Peter. Gold is just as hyped as crypto. Do we really need gold jewelry? Gold can make you a ring. BTC / Eth are technologies that turn you into a banker, enable a smooth exchange of values and are expandable to an unlimited number of business and personal applications. Https://t.co/pJPdEAl5gq
– Mark Cuban (@mcuban) March 2, 2021
The Cuban fired back at the ship and offered his “help” to explain the charm of the emerging technology. According to Cubans, gold dies as a store of value because it cannot adapt and change to meet current or future needs of society. Bitcoin and Ethereum can, however.
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 to Bitcoin and Ethereum
Mark Cuban, who knows a lot about technical revolutions from the ground up, says the current use cases for crypto are just “proof-of-concept” and advances will change the asset class in the years to come. In the meantime, gold always stays exactly the same.
The fact that these technologies have evolved over the past few years won over the Shark Tank investor and his colleagues on the popular ABC primetime show.
Related reading | Overheard on CNBC: Without Bitcoin, gold would be $ 3K
The Cuban recently fell in love with NFTs, Robert Herjavec is a firm believer in the long-term future of technology, and even Mr. Wonderful Kevin O’Leary has shifted part of his portfolio to Bitcoin and Ethereum.
The more wealthy investors are convinced of the endurance of the cryptocurrency, the more they move capital into the asset class. Gold, on the other hand, is still the same asset it always was and always will be, and doesn’t need any further conviction.
Rather than trying to convince investors why they shouldn’t buy crypto, Peter Schiff should perhaps focus more on why they shouldn’t sell their dying store of value – gold – instead.
Featured image from Deposit Photos, Charts from TradingView.com