Benzinga - Gold proponent Peter Schiff on Monday took a dig at entrepreneur Mark Cuban for preferring Bitcoin (CRYPTO: BTC) over gold.
What Happened: On a day when gold prices soared to record highs, seeing a $33 climb during U.S. market hours, Schiff took a dig at the limited media attention given to gold.
Gold prices, tracked by the SPDR Gold Trust GLD, edged above $2,110 per troy ounce on Monday.
According to Schiff, ‘Shark Tank' host Cuban said he was not investing in gold. Cuban’s preference leaned decisively towards Bitcoin, as he said that he “chooses Bitcoin over gold every day.”
"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 [Mark Cuban] said he wasn’t buying any. He boasted that he “chooses [Bitcoin] over gold every day.”
“This shark is swimming in the wrong tank," Schiff posted 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.— Peter Schiff (@PeterSchiff) March 4, 2024
Meanwhile, Cuban has repeatedly defended Bitcoin, notably during a podcast episode in January 2023 with Bill Maher, where he made his stance clear: “If you have gold, you’re dumb as f***,” he stated, also expressing a desire for the price of Bitcoin to fall so he could “buy some more.”
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Why It Matters: Cuban was responding to Maher, who is "very anti-Bitcoin" and prefers to put his money in gold. "You don’t own the gold bar, and if everything went to hell in a handbasket and you had a gold bar, you know what would happen? Someone would beat the f*** out of you or kill you and take your gold bar," he said.
Meanwhile, Schiff also criticized the impact of Bitcoin ETFs on the market, implying that their influence could be both overextended and potentially harmful. He envisions a scenario where the reliance on ETFs for a rally in Bitcoin prices might backfire, leading to a situation where “a lot less money will come out of the ETFs than went in.”
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.— Peter Schiff (@PeterSchiff) March 4, 2024
This comes as the price of Bitcoin surged, moving from about $51,000 on Feb.21 to a yearly high of $68,300.
Price Action: At the time of writing, BTC was trading at $68,116, up 7.03% in the last 24 hours, according to Benzinga Pro.
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Image: Shutterstock/ CK Foto
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