Billionaire Shark Tank investor Mark Cuban sees cryptocurrency exactly like the dot-com bubble. He says bitcoin and a few other cryptocurrencies are analogous to those dot-com stocks, like Amazon and Ebay, that survived the bubble burst and thrived.
Mark Cuban Likens 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 the cryptocurrency took a nosedive. The owner of the National Basketball Associations (NBA) Dallas Mavericks tweeted:
Watching the cryptos trade, its exactly like the internet stock bubble. Exactly. I think BTC, ETH, a few others will be analogous to those that were built during the dot-com era, survived the bubble bursting and thrived, like AMZN, Ebay, and Priceline. Many wont.
Along the way, many fortunes will be made and lost and we find out who has the stomach to hodl and who doesnt. My advice? Learn how to hedge, he elaborated.
At the time of writing, his tweet has garnered 895 comments. It has also been retweeted over 1.7K times and liked more than 10.8K times. Several people on Twitter view Cubans comment as bullish for BTC and ETH.
Among the commenters 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 of a company. They are like owning a piece of the early Internet. Comparing them to stocks is an apples to oranges comparison, 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, its a store of value with no other utility. At least I can eat bananas.
Gold bug Peter Schiff chimed in, telling Cuban: Mark, you cant store what you dont have. Gold is a store of ...
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