MARK CUBAN: Bitcoin is a 'bubble'
Add billionaire Mark Cuban to those who are skeptical of bitcoin and the cryptocurrency universe. "I think it's in a bubble. I just don't know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble," Cuban said in a tweetstorm on Tuesday.
Cuban's tweetstorm comes on the heels of bitcoin's latest record high ( http://uk.businessinsider.com/bitcoin-price-soars-to-a-record-high-2017-6 ) near $2,900 a coin. The cryptocurrency has gained in 33 of the past 38 sessions, tacking on 144% over that time. It's up 200% so far in 2017.
Here's Cuban's full tweetstorm...
Mark Cuban ✔ @mcuban
I think it's in a bubble. I just don't know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble https://twitter.com/fergulati/status/872115158440607747
Mark Cuban ✔ @mcuban
Anyone anywhere can buy a stock. #crypto is like gold. More religion than asset. Except of course gold makes nice jewelry. #crypto notsomuch https://twitter.com/criptomonedastv/status/872117212655628288
Mark Cuban ✔ @mcuban
In many respects it is. But it can be immediately translated into assets. #crypto is valued in dollars for a reason https://twitter.com/bhoraticle/status/872119437872082944
Mark Cuban ✔ @mcuban
About 20 bucks just to learn https://twitter.com/jstriebel/status/872120740455358466 …
and hillary is going to win the presidental race.hmmmmm i love these millionaires and their predictions.
Super post
I guess he's still trying to learn about it. He makes other positive points about blockchain too.
Disclaimer: I am just a bot trying to be helpful.
I wonder if he thinks the s&p 500 the nasdaq and bonds aren't bubbles ?
Bonds are definately in a bubble and S&P500 is debataable!
He may well be right. Bitcoin has been in many bubbles before but aslways survives. If bitcoin corrects and loses50% of its value, it will still be worth more than it was at the begining of the year (and I am convinced will probably recover before the end of 2017). You pay your money you take your chance.
Beautiful post