Bitcoin & Ether ‘Can Make You A Banker’ While Gold Can Make Jewelry: Mark Cuban to Peter Schiff
The Shark Tank investor says gold “will die as a SOV.”
“Gold can make you a ring. BTC/ETH are technologies that can make you a banker,” said billionaire owner of Dallas Mavericks, Mark Cuban.
This statement from Cuban came in response to gold bug and Bitcoin skeptic Peter Schiff’s usual attempt at some engagement. This time, he congratulated early Bitcoiners for succeeding in onboarding Wall Street on the crypto bandwagon. “I didn't think smart investors would be dumb enough to buy. I was wrong,” said Schiff.
This is where the Shark Tank investor chimed in and tried to help Schiff out and make him understand how while the precious metal is hyped as much as cryptocurrencies but provides a limited use case, like jewelry.
Bitcoin and Ethereum, meanwhile, make one their own banker, “allow friction-free exchange of value and are extensible into an unlimited range of biz and personal applications,” he said. According to him, what is being built with crypto today is just proof of concept, which will continue to transform as it progresses.
“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.”
He then pointed out how while cryptocurrencies will be transforming, gold would never change, “which is why it will die as a SOV.”
Not to mention just like crypto, gold was a store of value built on technology. It started with picks and shovels, which then saw the growth of 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,” he added.
“Gold is dead, Peter. Move on,” said Cuban.
It has actually been NFTs (non-fungible tokens) that have changed Cuban’s perspective about the crypto market who previously was a Bitcoin skeptic as well.
The way he does it is, “
“If I do some tutorials, if I mint something [like an NFT] and go through the entire process, I’m going to understand it,” Cuban told Twitch co-founder Justin Kan on a recent episode of “The Quest” podcast.
And then the “Shark Tank” side of him asks how could this be a business, “that’s when I start thinking in that direction,” he said.
He even owns Bitcoin, Ether, and many DeFi tokens. Cuban also participated as the lead investor in the $15 million funding round of The DeFi Alliance, a project that connects DeFi startups with institutional trading firms.
The aim of the fund is “to grow DeFi to one billion users globally by 2025.”