Mark Cuban says bitcoin is far from its market top: ‘The opportunity for it to go much higher certainly exists’

Mark Cuban says bitcoin is far from its market top: ‘The opportunity for it to go much higher certainly exists’

In anticipation of the market debut of cryptocurrency exchange Coinbase, bitcoin hit a record high of over $64,000 Wednesday morning, according to data from Coin Metrics, although it settled at around $62,000 by 4:45 p.m. EST.

But billionaire investor Mark Cuban doesn't think this surge will be the peak for bitcoin.

"It's not inconceivable that the number of people that own [bitcoin] could more than double," Cuban told CNBC Make It just before Coinbase went public.

Although, "[t]hat's not to say the price won't increase in volatility and/or go down in price significantly," he says, "but the opportunity for it to go much higher certainly exists and I think over the long-term, it's the more likely case."

Cuban has been at the forefront of the recent wave of interest in cryptocurrencies and blockchain technology. Personally, Cuban has a portfolio of bitcoin, Ethereum and other digital coins (and he has a Coinbase wallet); he owns crypto-assets, like NFTs, or nonfungible tokens; and he has invested in companies in the space.

Like other supporters of bitcoin, Cuban sees the cryptocurrency a store of value that will appreciate over time - some bitcoin evangelists even predict the cryptocurrency will hit $300,000 by year-end.

"The price of [bitcoin] is built on supply