(Kitco News) - The contentious debate between gold and bitcoin continues to rage, with billionaire Mark Cuban raising the ire of gold investors with his latest comment on the precious metal.
In an appearance on comedian Bill Maher's "Club Random" podcast, the tech entrepreneur and owner of the NBAs' Dallas Maverick had some harsh things to say about gold investors, adding that he very much favors bitcoin.
"I want Bitcoin to go down a lot further so I can buy some more," he said on the podcast. "If you have gold, you're dumb as f**k."
Cuban called Maher out after the comedian said he prefers to put his money in gold based on gold's safe-haven allure. Cuban explained that although gold is a store of value, it is neither a safe nor a protected asset.
"Gold is a store of value, and so is Bitcoin," he said. "If everything went to hell in a handbasket and you had a gold bar, you know what would happen? Someone would beat the f**k out of you or kill you and take your gold bar. It's useless."
Cuban added that bitcoin is a store of value and is also protected on a digital ledger. He also noted that gold itself is basically a digital asset, as few investors own the physical metal.
Schiff calls out Cuban
However, Cuban's comments did not sit well with one gold investor. Peter Schiff, chief market strategist at Euro Pacific Asset Management and founder of Schiff Gold, took a personal shot at the tech billionaire.
"His lack of understanding of Bitcoin is only exceeded by his lack of understanding of gold," Schiff said in a Twitter post. "He proves that you don't have to understand money to make it."
After #Bitcoin crashes I hope @mcuban does buy more as he told @billmaher he would. It'll give others an opportunity to sell. His lack of understanding of Bitcoin is only exceeded by his lack of understanding of #gold. He proves that you don't have to understand money to make it.
— Peter Schiff (@PeterSchiff) December 27, 2022
Cuban's comments on Bitcoin come as the digital currency has suffered significant losses through 2022. Bitcoin prices have dropped nearly 64% this year, hovering around $16,600 per token. The digital currency is down more than 75% from its November 2021 all-time highs above $69,000.
The entire digital asset marketplace has seen its market cap fall by more than $2 trillion this past year.
It has also been a volatile year for gold, but it remains one of the best-performing assets as it looks to end the year in roughly neutral territory. A rally since early November has pushed prices back solidly above $1,800 an ounce.
In a recent interview with Kitco News, Schiff said that he is even more bullish on gold as inflation is nowhere near its peak level.
"We're not getting anywhere near 2 percent [inflation]," he said. "Maybe we'll go below 7 percent before we go above 10 percent, but I think we're going to take out the highs from 2022 before the end of 2023 on a year-over-year basis."
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