Peter Schiff is now increasingly isolated in his bitcoin-hating world with former skeptic Mark Cuban telling him to ‘move on’ from gold. Bitcoin and Ether are empowering while gold is ‘dead,’ that is what Cuban told the biggest and most vocal crypto critic.
While commenting in a Twitter debate on March 2, Cuban told Schiff that gold will eventually ‘die’ as a store of value (SOV).
Schiff is a gold bug that has long made a name for himself as a major Bitcoin naysayer. He continues to tweet various disparaging comments about the flagship crypto despite bitcoin often hitting new all-time highs.
Cuban offered a surprisingly pro-Bitcoin sentiment while responding to the remarks about Wall Street companies being ‘dumb’ by buying it. He tweeted:
“Let me help Peter. Gold is hyped as much as Crypto. Do we really need gold jewelry? Gold can make you a ring. BTC/ETH are technologies that can make you a banker, allow friction free exchange of value and are extensible into an unlimited range of biz and personal applications.”
He also had something to say about the future of gold:
“What we are seeing built w/crypto today is just proof of concept. 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.”
In the past, Cuban had formally given little time to Bitcoin and crypto technology more widely. That sparked a concerted effort among the proponents to persuade him to reconsider his stand. Back in January, he said that he still had some holdings from years ago that he had ‘never sold.’ He concluded by saying:
“Don’t forget, Gold was a SOV built on technology. From picks and shovels to mining operations that keep trying to improve. Whoever could use the tech of the day to find and mine the most efficiently was the most rewarded. Much like Crypto is today. Gold is dead Peter. Move on.”
Schiff had very little to counteract his words, calling crypto a “malinvestment” and saying that gold may back digital currencies in the future.
If You Can Not Beat Them, Trade Them
In the meantime, Schiff’s years of scorn have discovered a new and more productive purpose.
As many in the crypto world joke that his Twitter posts serve as an indication of BTC price bottoms, another trader published a homemade trading tool that has spent nearly a year executing transactions based entirely on Schiff’s social media activity.
The student at Boston College, Sam Baker, uploaded a sample of its profits saying:
“Since May, the algorithm would have executed 203 trades, achieving an annualized return of ~1000%. 65% of trades are profitable with a 3% average return.”
“I guess that’s as good a reason as any to buy Bitcoin. Good luck.”