Cuban has repeatedly defended Bitcoin. | Credit: Brian Fluharty/Getty Images
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Key Takeaways
Gold prices surged to their highest point ever during US trading hours.
Gold advocate Peter Schiff criticized entrepreneur Mark Cuban for favoring Bitcoin over gold.
Both major cryptocurrencies, Bitcoin and Ethereum, reached new highs.
Gold advocate Peter Schiff targeted entrepreneur Mark Cuban on Monday for his preference for Bitcoin over gold.
On a day when gold reached record highs, Schiff pointed out the scant media coverage gold received compared to other assets.
Gold Surges to Record Highs Amid Cuban’s Bitcoin Preference
Gold prices, as indicated by the SPDR Gold Trust GLD, surged past $2,110 per troy ounce on Monday. Schiff highlighted this achievement, contrasting it with ‘Shark Tank’ host Mark Cuban’s disinterest in gold. Cuban has openly expressed his preference for Bitcoin, stating: “I choose Bitcoin over gold every day.”
Despite gold’s $33 increase, reaching its highest value ever during US trading hours, Bitcoin overshadowed it.. Schiff noted that the precious metal was barely mentioned on CNBC, except when Cuban disclosed his lack of investment in gold.
Schiff criticized Cuban’s investment choice, remarking, “This shark is swimming in the wrong tank,” in a post on X.
Despite gold's $33 rise today, hitting its highest price ever during U.S. trading hours, the only time I heard #gold mentioned on #CNBC was when @mcuban said he wasn't buying any. He boasted that he "chooses #Bitcoin over gold every day." This shark is swimming in the wrong tank.
Cuban Champions Bitcoin Over Gold, Calls Out Skeptics
In a notable discussion with Bill Maher during a podcast episode in January 2023, Mark Cuban fervently defended Bitcoin against skepticism, notably stating, “If you have gold, you’re dumb as f***.” He also mentioned his hope for a dip in Bitcoin prices to increase his holdings, contrasting Maher’s strong preference for gold investments. Cuban said owning physical gold was impractical, suggesting that in dire scenarios, possessing gold could lead to violent outcomes over its possession.
Concurrently, Peter Schiff aired concerns about the burgeoning influence of Bitcoin ETFs on the market. He suggested their impact might be over-amplified and could also be potentially detrimental. He warned of a future where returns from Bitcoin ETFs could significantly underperform initial investments.
The #BitcoinETFs are the tail that wags the #Bitcoin dog. A Bitcoin rally that lives by the ETFs will die by them as well. A lot less money will come out of the ETFs than went in. When ETF buyers turn into sellers, there won't be enough demand in the spot market to allow an exit.
The premier digital currency surpassed crucial resistance levels, with Bitcoin (BTC) achieving its highest value since November 2021, momentarily reaching $68,848.62. Ethereum (ETH), too, saw substantial gains, with an increase of over 5% to $3,650.59.
Both cryptocurrencies recorded their most significant weekly growth in almost a year. Bitcoin rose by approximately 21%, and Ethereum by 16%. Despite this, momentum paused over the weekend, as the market adjusted to notable withdrawals from the Grayscale Bitcoin Trust (GBTC), which were compensated by capital inflows into the latest Bitcoin exchange-traded funds (ETFs).
Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear.
Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3.
An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.
