Several debates over the value of cryptocurrencies such as Bitcoin and gold have erupted across media. One discussion involved Dallas Mavericks owner Mark Cuban and Bill Mahar on his 26 December Club Random podcast.
In the talks, he staunchly backed Bitcoin over gold, stating he was “rooting for Bitcoin.”
He said: “I want Bitcoin to go down a lot further so I can buy some more [..] If you have gold, you’re dumb as fuck.” He concluded that people should “just get Bitcoin.”
Despite some lauding his comments, others voiced outrage on social media, slamming him for his alleged lack of knowledge of virtual currencies.
Peter Schiff, chief economist and global strategist for Euro Pacific Asset Management, hit back at his comments. He said:
“After Bitcoin crashes I hope [Mark Cuban] does buy more as he told [Bill Mahar] he would. It’ll give others an opportunity to sell. His lack of understanding of Bitcoin is only exceeded by his lack of understanding of #gold. He proves that you don’t have to understand money to make it.”
Stalwart Crypto Supporters
The news comes after
In late November, US lawmaker Cynthia Lummis doubled down on her support for including Bitcoin and other currencies in her 401(k) retirement plans, despite backlash from other Senators.
In a Semafor article, she stated that she was “very comfortable” with allowing people to include Bitcoin in retirement funds, adding, “it’s just different than other cryptocurrencies.”
Pershing Square Capital Management founder Bill Ackman also tweeted support for cryptocurrencies amid the ongoing aftermath of the FTX scandal.
In late November, he said the “crypto is here to stay” but added regulators should tighten restrictions and remove “fraudulent actors.”
He added: “I am making the case that crypto can facilitate potentially useful and important businesses that heretofore could not exist. That said, the success of any individual project is a function of the ultimate.”
