U.S. markets closed
  • S&P 500

    4,128.80
    +31.63 (+0.77%)
     
  • Dow 30

    33,800.60
    +297.03 (+0.89%)
     
  • Nasdaq

    13,900.19
    +70.88 (+0.51%)
     
  • Russell 2000

    2,243.47
    +0.88 (+0.04%)
     
  • Crude Oil

    59.34
    -0.26 (-0.44%)
     
  • Gold

    1,744.10
    -14.10 (-0.80%)
     
  • Silver

    25.33
    -0.26 (-1.02%)
     
  • EUR/USD

    1.1905
    -0.0016 (-0.13%)
     
  • 10-Yr Bond

    1.6660
    +0.0340 (+2.08%)
     
  • GBP/USD

    1.3706
    -0.0029 (-0.21%)
     
  • USD/JPY

    109.6500
    +0.3860 (+0.35%)
     
  • BTC-USD

    60,385.22
    +1,489.78 (+2.53%)
     
  • CMC Crypto 200

    1,235.89
    +8.34 (+0.68%)
     
  • FTSE 100

    6,915.75
    -26.47 (-0.38%)
     
  • Nikkei 225

    29,768.06
    +59.08 (+0.20%)
     

Gold Advocate Peter Schiff Criticizes Mark Cuban And Kevin O'Leary For Turning Positive On Bitcoin

Benzinga Staff
·2 min read

Prominent gold advocate and Bitcoin skeptic Peter Schiff has criticized billionaire investors Mark Cuban and Kevin O’Leary for turning positive on Bitcoin.

What Happened: “Bubbles typically peak when rational investors capitulate,” said Schiff on Twitter, calling them the newest skeptics to “join the cult.”

This content is not available due to your privacy preferences.
Update your settings here to see it.

Schiff’s criticism comes after Kevin O’Leary announced he would be allocating 3% of his portfolio to the digital asset while also looking at investing in the most energy-efficient Bitcoin mining companies.

Earlier this week, Mark Cuban commented on some of Schiff’s most recent remarks saying, “Gold is dead Peter. Move on.”

Why It Matters: Schiff has often criticized Bitcoin as an asset class, calling it inferior to gold as a store of value.

His most recent comments on Twitter invited criticism from Mark Cuban, who commented that gold is hyped just as much as cryptocurrencies.

“As tech continues to get better/cheaper/faster there will be new applications and maybe even something that supersedes what we know as crypto today. But gold won't ever change. Which is why it will die as a SOV (Store of Value),” said Cuban on Twitter.

According to Schiff, the fact that gold won’t ever change is part of its appeal to investors.

Jeffrey Gundlach, a well-known gold bull, commented earlier today that Bitcoin is up over 467% in the past 12 months while gold is down by 11% for the same period.

This content is not available due to your privacy preferences.
Update your settings here to see it.

According to him, dispersions of this size between asset classes often come before reversions to the mean.

Price Action: After a volatile week, the market-leading cryptocurrency was trading at $48,171 at the time of writing. Earlier this week, Bitcoin recorded a low of $43,867 and a high of $52,535.

Image: Dmitry Demidko via Unsplash

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.