Billionaire Shark Tank investor Mark Cuban sees cryptocurrency “exactly” as the dot-com bubble. He says bitcoin and a few other cryptocurrencies are analogous to the dot-com stocks that Amazon and Ebay, which survived the bubble burst and thrived.
Mark Cuban looks like crypto to dot-com bubble
Shark Tank star Mark Cuban compared what he feels is a bubble in bitcoin to the dot-com bubble on Monday after the price of cryptocurrency took a nose deep. The owner of the National Basketball Association (NBA) Dallas Mavericks tweeted:
When looking at crypto trading, it is exactly like the internet bubble. Exactly. I think BTC, ETH, a few others will be analogous to those built in the dot-com era, surviving the bubble that burst and thriving, like AMZN, Ebay and Priceline. Many will not.
“Along the way, many fortunes will be created and lost, and we will find out who has the stomach to hodl and who does not. My advice? Learn to uncover, ”he elaborated.
At the time of writing, his tweet has received 895 comments. It has also been retweeted over 1.7K times and requested more than 10.8K times. Several people on Twitter see Cuban’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 certainly not stocks or shares of a company. They are like owning a piece of the early internet. Comparing them to stocks is a comparison of apples to oranges,” he explained. to Cuban.After discussing bitcoin as a value store, the Shark Tank star reiterated his position:
I said BTC is like gold, it is a value store without any other tool. At least I can eat bananas.
Guldbug Peter Schiff called in and told Cuban: “Mark, you can not save what you do not have. Gold is a valuable stock as 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 now, so no one needs it in the future. ”
In a follow-up tweet, Cuban wrote:
As under the dot-com bubble, the ‘experts’ are trying to justify whatever daily pricing is. Crypto, like gold, is supply and demand driven. All the stories of degradation, fiat, etc. are only sales pitches. The biggest sales pitch is scarcity demand. That is it.
The Gemini co-founder disagreed. “The stories about the dismantling of fiat are facts. Have you looked at the Fed’s balance recently? What’s wrong with supply and demand? The value of land, a Picasso or Dallas Mavericks franchise is also determined by supply and demand, ”he told Cuban.
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