crypto strategy

Mark Cuban says gold buyers are ‘dumb as f—‘, sparking gold vs. bitcoin row with Peter Schiff

Good year! And what a year it has been for bitcoin and its ilk. Meet Mark DeCambre, editor of MarketWatch.

What does 2023 hold for bitcoin prices or adoption? Will Crypto Face Other Existential Threats in the Coming Year?

These are just a few of the questions we hope to address precisely and succinctly in this episode of Distributed Ledger.

And may the best of 2022 be the worst of 2023 for all of our DL readers.

Of course, find me on Twitter at @mdecambre and at MarketWatch at [email protected].

quote of the week

“We cannot take a one-size-fits-all approach to crypto regulation – the nature, scope and potential of this ecosystem is too vast and too promising to be stifled by clumsy rules.”

“I think all of our actions were legal open market actions, using the protocol as it was designed, even though the development team did not fully anticipate all the consequences of setting the parameters such as ‘they are.”

Cuban gold

Some have taken umbrage at Mark Cuban’s recent comments on gold as he defends bitcoin. Maybe no more than Peter Schiff.

During an appearance on comedian Bill Maher’s “Club Random” podcast, which aired Dec. 25, Cuban offered his unfiltered take on GC00 gold,
against bitcoins.

“If you have gold, you’re stupid as f—” the billionaire investor told Maher.

The NBA Dallas Mavericks owner added, “It’s not a hedge against anything…what it is is a store of value. Gold is a store of value, just like bitcoin,” he said.

He also said he would be interested in increasing his bitcoin holdings as its price drops further. The asset is down more than 64% so far in 2022, while gold is down less than 1% year-to-date, as of Thursday.

“I want bitcoin to go down a lot more so I can buy more,” Cuban said.

He said owning physical gold was impractical in a digital world.

Cuban’s comments apparently raised the ire of Peter Schiff, a longtime gold advocate and investor.

“His lack of understanding of bitcoin is only surpassed by his lack of understanding of #gold,” Schiff wrote on Twitter.

Cuban, in the podcast, said he doesn’t recommend anyone buy bitcoin, but thinks the digital asset has more advantages than the precious metal, which he also considers a digital transaction.

Mango Chaos

It’s not Sam Bankman-Fried, but Avraham Eisenberg is building a dubious reputation. This week he was arrested in Puerto Rico for fraud and commodity manipulation after allegedly draining millions from the protocol known as Mango Markets.

According to the lawsuit made public in Manhattan federal court on Tuesday, Eisenberg’s trading in futures contracts tied to Mango’s MNGO crypto token allowed him to withdraw $110 million in crypto from other investors’ deposits, without intent. apparent to repay the funds.

Eisenberg, as recently as October, asserted via Twitter that his actions were all legal:

However, US prosecutors believe otherwise.

Regulating Crypto in ’23

MarketWatch’s Anushree Dave writes that Congress will need to come to a conclusion on how to classify cryptoas a commodity or as a security, to achieve a clearer regulatory framework for the asset class.

To be sure, there is the question of whether crypto should be regulated at allespecially following a series of scandals, including Sam Bankman-Fried’s FTX.

In any case, there is a barrage of proposals on the table, including from Democratic SFr. Elizabeth Warren, as well as one sponsored by Debbie Stabenow, a Democrat from Michigan, and John Boozman, a Republican from Arkansas. There is also one supported by Sens. Cynthia Lummis, a Republican from Wyoming and crypto advocate, and Kirsten Gillibrand, a Democrat from New York.

We will see which bills, if any, will be successful in the coming year.

GROUND setting?

Does the sun set on Solana, SOLUSD,
a cryptocurrency that has already been touted by former FTX Bankman-Fried? Wednesday Solana fell amid fears that its main holders would sell it.

In the summer of 2021, when Solana Labs raised $314.2 million from top investors like Andreessen Horowitz, Alameda Research, a crypto hedge fund founded by Bankman-Fried, invested heavily in the project. Bankman-Fried has also created a decentralized ecosystem called “Serum” on Solana.

But after FTX filed for bankruptcy in November, traders sold their Solana and the price plummeted 65% from around $37 to under $12. It is currently 94.09% below its peak of a year ago.

Argo stays afloat

Argo Blockchain PLC ARBK,
said on Wednesday it was selling its Helios Texas facility and related business to Galaxy Digital Holdings BRPHF,
for $65 million.

The cryptocurrency miner said it will also get a new $35 million loan from Galaxy to refinance asset-backed loans with an initial term of 36 months.

Dow Jones Newswire

Bitcoin 2023

What is the outlook for bitcoin? This remains unclear, but some offer estimates. Yves Lamoureux, president of macroeconomic research firm Lamoureux & Co., says he sees bitcoin hitting a low of around $13,000 and then taking another run higher as the dust settles after the recent run. industry scandals.

He sees real momentum for bitcoin settling in 2025 when mass adoption of its ownership will propel the digital asset.

Ryan Selkis, Founder and CEO of Messari, a crypto analytics firm, said MarketWatch’s sister publication, Barron’s that “bitcoin is starting to act more like a credible neutral reserve asset.”

Based on some metrics comparing bitcoin to gold, Selkis estimates that bitcoin could be worth $500,000, but offers no timeline for such an increase.

Crypto at a Glance

Bitcoin has lost 1.3% over the past week and was trading at around $16,616 on Thursday, according to FactSet.

Ether was down 1.3% over the same period to around $1,196.50, according to data from FactSet.

Meanwhile, FTX native coins, known as FTT tokens, are down 1.3% in the past seven days, trading at $0.859904, according to data provider CoinGecko.

The biggest winners


% return over 7 days




Terra Luna Classic



internet computer









Source: CoinGecko at December 29

The biggest losers


% return over 7 days










Trust Wallet






Crypto companies, funds

Coinbase Global Inc. COIN Shares,
slipped 1.1% for the week to around $34.76. MicroStrategy Inc. MSTR,
has fallen nearly 18%, to $137.84, so far on the week.

Crypto mining company Riot Blockchain Inc. RIOT,
fell 8.4% to $3.40 on Thursday. Shares of rival Marathon Digital Holdings Inc. MARA,
fell 4.3% to $3.38 over the past week. Ebang International Holdings Inc.EBON,
lost around 11% over the past week and was trading at $2.62. Inc. shares OSTK,
fell 1%, to $19.34, during the week.

Shares of Block Inc. SQ,
formerly known as Square, rose 2.5% to $62.70 for the week so far. Tesla Inc. shares TSLA,
fell almost 12% to $119.59.

Read: Tesla stock breaks record losing streak with best daily gain in nearly a month

See also: Tesla stock is the most oversold it’s ever been

PayPal Holdings Inc. PYPL,
rose 1.9% over the week, to trade at around $69.90. Nvidia Corp. NVDA,
fell almost 9% to $146.13 last week.

Advanced Micro Devices Inc. shares AMD,
fell 2% to $64.87 for the week, starting Thursday.

Among crypto funds, ProShares Bitcoin Strategy BITO,

fell 1% to $10.36 on Thursday, while its ETF Short Bitcoin Strategy BITI,
rose 0.9% to $40.11. Valkyrie Bitcoin BTF ETF Strategy,

fell 0.8% to $6.54, while VanEck Bitcoin Strategy ETF XBTF,
slipped 0.7% to $16.68.

Grayscale Bitcoin Trust GBTC,
fell 2.3% to $7.95.

must read


#Mark #Cuban #gold #buyers #dumb #sparking #gold #bitcoin #row #Peter #Schiff #crypto strategy

Related Articles

Back to top button