Mark Cuban: Crypto ‘Exactly’ Like Dot-Com Bubble – Expects Bitcoin to Survive Bubble Blast, Thrive Like Amazon

Shark Tank billionaire 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, which survived the bursting of the bubble and thrived.

Mark Cuban compares crypto to the Dot-Com bubble

Shark Tank star Mark Cuban compared what he feels like a bitcoin bubble to the dot-com bubble on Monday after the cryptocurrency’s price fell. The owner of the National Basketball Association (NBA) Dallas Mavericks tweeted:

Looking at crypto trading, it is exactly like the Internet stock market bubble. Exactly. I think BTC, ETH, a few others will be analogous to the ones that were built in the dot-com era, survived the bubble burst, and thrived, like AMZN, Ebay, and Priceline. Many will not.

“Along the way, many fortunes will be made and lost and we will find out who has a stomach to house and who does not. My advice? Learn to cover yourself, ”he explained.

At the time of writing, her tweet has garnered 895 comments. It has also been retweeted over 1.7K times and liked over 10.8K times. Several people on Twitter see Cuban’s comment as bullish for BTC and ETH.

Among the commentators was Tyler Winklevoss, co-founder of the Gemini cryptocurrency exchange, who argued that cryptocurrencies are not like stocks. “False. Cryptos like BTC and ETH are networks, they are certainly not stocks or shares of a company. They are like owning a part of the first Internet. Comparing them to stocks is a comparison between apples and oranges, “he told Cuban. After discussing bitcoin as a store of value, the Shark Tank star reiterated his position:

I said BTC is like gold, it’s a store of value with no other use. At least I can eat bananas.

Gold bug Peter Schiff stepped in, telling Cuban, “Mark, you can’t store what you don’t have. Gold is a store of value because you store gold for future use as a metal. Jewelers will need gold, computer chipmakers will need gold, dentists, etc. But no one really needs Bitcoin now, so no one will need it in the future.

In a follow-up tweet, Cuban wrote:

As during the Internet bubble, “the experts” try to justify whatever the price of the day. Crypto, like gold, is both supply and demand driven. All the stories about debasement, fiat, etc. are just selling points. The biggest selling point is scarcity relative to demand. That’s it.

The Gemini co-founder disagreed. “The stories around the debasement of fiat are facts. Have you looked at the Fed’s balance sheet 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 section below.

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