Home / News / Crypto / Bitcoin / Schiff Taunts Cuban: “Shark in the Wrong Tank” as Gold Soars, Bitcoin Ignored
3 min read

Schiff Taunts Cuban: “Shark in the Wrong Tank” as Gold Soars, Bitcoin Ignored

Last Updated March 5, 2024 11:16 AM
Teuta Franjkovic
Last Updated March 5, 2024 11:16 AM

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.

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.

Bitcoin and Ethereum Surge to New Heights

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).

Was this Article helpful? Yes No