Billionaire Shark Tank investor Mark Cuban sees cryptocurrency “exactly” like the dot-com bubble. He says Bitcoin and some other cryptocurrencies are analogous to the dot-com stocks like Amazon and Ebay, which survived the bubble burst and are thriving.
Mark Cuban Likens Crypto to Dot-Com Bubble
Shark Tank star Mark Cuban compared what he believed to be a bitcoin bubble to the dotcom bubble on Monday after the price of the cryptocurrency plummeted. The National Basketball Association (NBA) owner of the Dallas Mavericks tweeted:
Watching crypto trading is just like watching the internet stock bubble. I agree. I think BTC, ETH and a few others will be analogous to those built during the dotcom era, weather the bubble burst and thriving, like AMZN, Ebay and Priceline. Many won’t.
“A lot of fortunes are made and lost along the way and we find out who has the stomach to hodel and who doesn’t. My advice? Learn to cover yourself, ”he explained.
At the time of writing, his tweet has received 895 comments. It was also retweeted over 1.7K times and liked over 10.8K times. Several people on Twitter see Kuban’s comment as bullish on 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 stocks or shares in a company. They are like a piece of the early Internet. The comparison with stocks is a comparison between apples and oranges,” he explained to the Cuban Having talked about Bitcoin as a store of value, the Shark Tank star repeated his stance:
I said BTC is like gold, it is a store of value with no other use. At least I can eat bananas.
The gold bug Peter Schiff interfered and said to the Cuban: “Mark, you can’t save what you don’t have. Gold is a store of value because you are storing gold as a metal for future use. Jewelers will need gold, computer chip makers will need gold, dentists, etc. But nobody actually needs Bitcoin now, so nobody will need it in the future. “
In a follow-up tweet, Cuban wrote:
As during the dotcom bubble, the pundits try to justify whatever the price of the day is. Like gold, crypto is a supply and a demand. All stories about devaluation, fiat etc. are only sales talks. The biggest selling point is scarcity versus demand. That’s it.
The co-founder of the Gemini disagreed. “The stories about the devaluation of Fiat are facts. Have you looked at the Fed’s record lately? What’s wrong 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 on Bitcoin? Let us know in the comments below.
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