Billionaire Shark Tank investor Mark Cuban sees the cryptocurrency “exactly” as the dot-com bubble. He says bitcoin and a few other cryptocurrencies are analogous to the dot-com stocks, such as Amazon and Ebay, which have burst the bubble and thrived.
Brand Cuban Compare Crypto with Dot-Com Bubble
Shark Tank star Mark Cuban on Monday compared what he felt was a bubble in bitcoin to the dot-com bubble after the price of the cryptocurrency made a dent. The owner of the Dallas Basketball Association (NBA), Dallas Mavericks, tweeted:
If you look at crypto trading, it’s exactly like the internet stock bubble. Exactly. I think BTC, ETH, a few others will be analogous to those built during the dot-com era, the bubble survived and flourished, like AMZN, Ebay and Priceline. Many will not.
‘Along the way, many fortunes will be earned and lost, and we will find out who has the stomach and who does not. My advice? Learn how to hedge, ”he added.
At the time of writing, her tweet received 895 comments. It was also tweeted more than 1.7,000 times and held more than 10.8,000 times. Several people on Twitter viewed Cuban’s comments as a positive statement for BTC and ETH.
Among the commentators was Tyler Winklevoss, co-founder of Gemini Cryptocurrency Exchange, who argued that cryptocurrencies are not like stocks. “Wrong. Cryptos like BTC and ETH are networks, they are definitely not shares or shares of a company. It’s like owning a piece of the early internet. Comparing it to stocks is a comparison between apples and oranges, “he explained to Cuban. After discussing bitcoin as a store of value, the Shark Tank star reiterated his stance:
I said BTC is like gold, it is a valuable store without any other utility. At least I can eat bananas.
The golden bug Peter Schiff introduced and said to Cuban: ‘Mark, you can not store what you do not have. Gold is a valuable store because you store gold for future use as a metal. Jewelers need gold, computer chip makers need gold, dentists, etc. But no one actually needs bitcoin right now, so no one will need it in the future. ”
In a follow-up tweet, Cuban wrote:
As with the dot-com bubble, ‘the experts’ try to justify the price of the day. Crypto, like gold, is supply and demand driven. All the narratives about humiliation, fiat, etc. are only outlets. The biggest selling point is scarcity of demand. That’s it.
The Gemini co-founder disagrees. ‘The stories surrounding the dismantling of fiat are facts. Have you looked at the Fed’s balance sheet recently? 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.
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