Billionaire Shark Tank investor Mark Cuban sees cryptocurrency “exactly” as the dotcom bubble. He says bitcoin and a few other cryptocurrencies are analogous to those dot-com stocks, such as Amazon and Ebay, which survived the bubble and thrived.
Mark Cuban likes crypto to Dot-Com Bubble
Shark Tank star Mark Cuban on Monday compared what he believes is a bubble in bitcoin to the dot-com bubble after the price of the cryptocurrency took a nosedive. The owner of the National Basketball Association (NBA) Dallas Mavericks tweeted:
If you look at cryptocurrency trading, it is exactly like the stock bubble on the internet. Exactly. I think BTC, ETH, a few others will be analogous to the ones that were built during the dot-com era, survived the bubble, and thrived, such as AMZN, Ebay and Priceline. Many will not.
“Many fortunes will be made and lost along the way and we discover who has the stomach to run and who doesn’t. My advice? Learn how to cover, ”he explained.
At the time of writing, his tweet has received 895 responses. It has also been retweeted over 1.7K times and liked over 10.8K times. Several people on Twitter consider Cuban’s comment positive BTC and ETH.
One of the commentators was Tyler Winklevoss, co-founder of Gemini cryptocurrency exchange, who claimed that cryptocurrencies are not like stocks. Miss. Cryptos like BTC and ETH are networks, they are definitely not stocks or shares of a company. They are as if they own a piece of the early internet. If you compare them to stocks, that’s a comparison between apples and oranges, ”he explained to Cuban. After discussing bitcoin as a store of value, the Shark Tank star reiterated his position:
I said BTC is like gold, it is a store of value of no other use. At least I can eat bananas.
Gold bug Peter Schiff agreed and said to Cuban, “Mark, you can’t save what you don’t have. Gold is a store of value, as you store gold for future use as a metal. Jewelers need gold, computer chip manufacturers need gold, dentists, etc. But no one needs bitcoin now, so no one will need it in the future. “
In a follow-up tweet, Cuban wrote:
As during the dot-com bubble, ‘the experts’ try to justify the price of the day. Crypto, like gold, is a driven supply and demand. All stories of humiliation, fiat, etc. are just sales pitches. The biggest sales pitch is scarcity versus demand. That is it.
Gemini’s co-founder disagreed. “The stories of fiat’s humiliation are facts. Have you looked at the Fed’s balance lately? What’s the matter with supply and demand? The value of land, a Picasso or the Dallas Mavericks franchise is also determined by supply and demand, ”he told Cuban.
Do you agree with Mark Cuban about bitcoin? Let us know in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or invitation to an offer to buy or sell, or a recommendation or endorsement of products, services, or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.