Mark Cuban Says Bitcoin Is Good Investment, Economist Peter Schiff Asks To Sell Instead

While Cuban said he wants Bitcoin price to go down a lot further so he can buy some more of it, economist and Bitcoin critic Schiff said NTC is closer to its ceiling than its floor.

In the past, several Bitcoin investors have stated that Schiff does not understand cryptocurrency. 

Source : Getty

Mark Cuban, owner of the NBA team Dallas Mavericks and Shart Tank investor, has said that Bitcoin is a better investment than gold. Interestingly, he wishes for cryptocurrency prices to decline more, as he wants to purchase more of them. However, economist Peter Schiff has encouraged its owners to sell off Bitcoins. While Cuban has said he prefers Bitcoin over investment in gold, Schiff has stressed that selling Bitcoin would be "the smart move." Though several people disagreed with his analysis of the price of the cryptocurrency.

According to a report by Bitcoin.com, Cuban was talking to comedian Bill Maher in his podcast titled "Club Random" on Bitcoin and gold investments. Maher said he is "very anti-Bitcoin" as he believes in investments in gold. While countering him, Cuban said, "If you have gold, you're dumb as f***."

The host argued that gold "never goes away" as it is like a hedge against everything else. Countering him, Cuban said, "No, but it’s not a hedge against anything, right? What it is is the stored value and you don’t own the physical gold, do you?… Gold is a stored value and so is bitcoin."

He went on to explain that owning gold is just like owning a digital transaction and that the owner does not actually have any gold bar. He was stressing the fact that investors don't possess the actual gold in this case, reported Bitcoin. However, both of them agreed that they are not mostly in gold and Bitcoin, respectively.

While asserting that Bitcoin "is a good investment," Cuban clarified that he is not telling anyone to purchase it. As per the Bitcoin report, he wants the price of the cryptocurrency to decline further so that he can purchase it. He said, "I want Bitcoin to go down a lot further so I can buy some here." He thinks cryptocurrency has more potential even after the collapse of the FTX crypto exchange firm.

Meanwhile, gold bug and economist Peter Schiff believes that selling off Bitcoins would be the smart move at present. Being a long-term Bitcoin critic, he tweeted on Sunday (December 25), "My Christmas gift to HODLers is this bitcoin chart. As you can see Bitcoin is much closer to its ceiling than its floor. The yellow line that was once supported is now resistance. Since the upside potential is so low and downside risk so high, the smart move is to sell today."

My #Christmas gift to #HODLers is this #Bitcoin chart. As you can see Bitcoin is much closer to its ceiling than its floor. The yellow line that was once support is now resistance. Since the upside potential is so low and downside risk so high, the smart move is to sell today. pic.twitter.com/lPOLABGEQQ

— Peter Schiff (@PeterSchiff) December 25, 2022

While a number of people jumped in to thank him for the great advice on Christmas eve, several others criticised him for asking people to sell at the bottom and causing panic. Many people disagreed with his analysis of Bitcoin price. People said they purchased more Bitcoins after its price skyrocketed. Many even said that the Bitcoin price rose even when Schiff had warned about selling it in the past.

In the past, several Bitcoin owners and investors have stated that Schiff does not understand cryptocurrency. Countering these accusations, he defended that he understands Bitcoin. Earlier, he tweeted, "The Bitcoin #HODL gang accuses me of not understanding #Bitcoin. They think that if I just took the time to learn about the underlying technology that I would embrace it. But the truth is that I understand Bitcoin much better than the people who own it. That's the reason I don't."

The Bitcoin #HODL gang accuses me of not understanding #Bitcoin. They think that if I just took the time to learn about the underlying technology that I would embrace it. But the truth is that I understand Bitcoin much better than the people who own it. That's the reason I don't.

— Peter Schiff (@PeterSchiff) December 22, 2022

The cryptocurrency industry has been suffering from ripple effects after the spectacular collapse of the FTX crypto exchange firm in early November 2022.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.