Cuban: It’s a bubble when a random Tweet bounces the price
Mark Cuban, the outspoken owner of Dallas Mavericks and entrepreneur who made the majority of his wealth selling Broadcast.com to Yahoo for $5.7B during the dot-com bubble, expressed his opinions on cryptocurrencies, mostly on Bitcoin over a series of tweets.
So testy. Lol. You know it’s a bubble when a random twitter thread bounces the price. https://t.co/7gBGYU3JcQ
— Mark Cuban (@mcuban) June 6, 2017
Cuban’s tweetstorm comes in the day which Bitcoin price hits the all-time-high at $2.933, closing to $3.000. However, in spite of BTC’s continuous rise, when a tech billionaire who made his fortune in a bubble say something, people listen.
Regardless of the bright future of cryptocurrencies and the worldwide application fields, we’ve got to admit that Cuban has some valid points and his concerns do make sense. Indeed, the unheard rise in Bitcoin might very well be a bubble. But there are still many other cryptocurrencies which offer more practical and transactional value in healthcare, finance and game niches such as Etherum which recently exploded from $50-100 to 200 with its eyes set on $260 where it is expected to gain even more momentum.
Let’s assume for a second that all the sceptics about Bitcoin are right including Mark Cuban and it’s doomed to failure; still those investors who were early in the game made billions with Bitcoin and the utopia of having a decentralized and worldwide digital money which is free from banks, governments and all the middle-men has been proven exist.
Credits: Bloomberg – @mcuban – BusinessInsider – Newsbtc.com