Bitcoin and Gold are one of the most competitive assets ever. It’s like if someone likes or prefers gold, they will hate Bitcoin and vice versa. Take Peter Schiff, a huge bull on gold always speaks negatively of Bitcoin. And then take Mark Cuban, once a Bitcoin sceptic, but now he says “Gold is dead”. He also asked Peter Schiff to move on as “Bitcoin is better than gold”. But should you take him seriously? Because once he said that he would prefer bananas to crypto. So are his opinions based on the market hype of his personal research? Let’s take a look at what he said.
Bitcoin is better than gold!
There was a legendary exchange of tweets between Mark Cuban and Peter Schiff, both putting their opinions and arguments on the table. Peter said a while back that his congratulations are in order for those who bought BTC early and now are dumping it at the high prices. He also said that these people successfully made Wall Street buy into this foolish mania. In fact, he never thought that smart investors would ever buy into this.
To this statement, Mark said that Gold is also hyped as crypto. He pointed out that we actually don’t need gold, and its applications are limited to jewellery and a few other things. But with crypto, there can be an unlimited range of applications. They also allow very smooth transactions and actually make you a banker, unlike gold.
Peter didn’t step back and asked Mark to ask his athletes why they wear gold jewellery. (PS: Mark Cuban is the owner of the NBA team Dallas Mavericks). He also said that Gold is not hyped at all and has real value as a metal. But Bitcoin is 100% hype and nothing else. To this statement, Mark argued that as technology improves, we will see more of it making use of crypto, and its applications will significantly increase. He also added that “But gold won’t ever change. Which is why it will die as an SOV [store of value],”
Showing how crypto is a replacement for Gold, Mark explained how mining crypto is like ming gold. And the one with the best technology and resources will be the most rewarded. But Peter disagreed and told Mark that he should have stuck with bananas. And only because the price of Bitcoin has increased that he is speaking in favour of it.
A necessary clarification of Mark on his old statements
Almost two years back, Mark Cuban said that he would prefer bananas to crypto. This is because he could at least eat a banana. Explaining why he made the statement, he said it was because back in the day, there wasn’t any utility of Bitcoin or any use case. But if we consider a banana, he could at least eat it.
We are seeing a lot of changes in perception in the industry lately. In fact, who knows, maybe in a few months or years, Peter could come around. What do you think about the same? And if you have $10k right now, what will you buy, gold or Bitcoin? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.