Gold will never change, so it dies as a store of value, sure billionaire and owner of the Dallas Mavericks basketball club, Mark Cuban. At the same time, cryptocurrencies continue to evolve, new applications appear, they are getting better, faster and cheaper, Cuban explained. He responded to the comment of the critic of digital money and the head of Euro Pacific Capital Peter Schiff, writes RBC Crypto.
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
“Congratulations to those who bought bitcoin early and inflated its price, as well as those who jumped on the hype. You have successfully gotten Wall Street into a mania. When I first heard about Bitcoin, I didn’t think smart investors would be stupid enough to buy it. I was wrong, “wrote Schiff.
Cuban replied that gold quotes are just as artificially inflated as cryptocurrencies. However, according to the billionaire, if a ring can be made from a precious metal, then Bitcoin and Ethereum are technologies that can provide a smooth transfer of funds and can be used in an unlimited number of different kinds of applications, both for business and personal.
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
“Remember, gold is a technology-based store of value. From picks and shovels to gold mining, which continues to improve. The one who managed to make the most efficient use of modern technologies for mining received the highest award. Much like cryptocurrencies today. Gold is dead, it’s time to move on, ”wrote Cuban.
The owner of the Dallas Mavericks basketball club did not always take this position. Previously, he was highly critical of digital money, especially bitcoin. For example, in December 2019, Cuban wrote that Bitcoin is useless, unlike gold, which can be used to create electronics or jewelry. And in September of the same year, the billionaire said that it is better to invest in bananas than in cryptocurrency, since they can be eaten, unlike digital money.