American billionaire, owner of the NBA basketball club Dallas Mavericks Mark Cuban called gold a “dead” asset.
The businessman wrote about this on his Twitter account in response to the post of the head of the investment company Euro Pacific Capital, Peter Schiff.
The financier ironically spoke about investors who bought bitcoins and waited for a further rise in the value of this cryptocurrency.
According to Schiff, the exchanges have undergone crypto mania, due to which the quotes of the well-known cryptocurrency have skyrocketed.
However, on the part of buyers, this was a short-sighted move, which was confirmed by the fall in prices.
“Congratulations to those who bought bitcoin too early and inflated its price, as well as those who jumped on the HYIP. You have successfully made Wall Street hype, ”wrote Schiff.
Cuban responded to Schiff’s words with his own message, in which he criticized gold, which is traditionally considered a defensive asset during crises.
“Remember, gold is a technology-based store of value. From picks and shovels to gold mining that continues to improve. The one who managed to effectively use modern technologies for production received the highest award, ”the businessman said.
After growth at the end of last year – beginning of this year, the price of bitcoin decreased – from a peak value of $ 55.8 thousand per unit to $ 48.7 thousand.
According to Cuban, cryptocurrency has adopted many of the qualities of gold today.
The precious metal itself is “dead” as an asset and an instrument of saving, Cuban is sure: “It’s time to move on.”