Mark Cuban says cryptos trade is ‘exactly like the internet stock bubble’—but thinks bitcoin can ‘survive’

SourceCNBC
SectorFinancial Markets
CountryMiddle east

After a massive rally, the value of the cryptocurrency market tanked on Monday by over $200 billion. Bitcoin, the largest cryptocurrency, fell more than 12% in a day, and ether, the second largest, fell 23%.And crypto bears are not surprised.Even as the price of bitcoin hit a record high of over $41,000 on Friday, those wary of it warned that it may crash like it did in 2017, and likened it to a market bubble.Among them is billionaire Mark Cuban, who compared the current cryptocurrency market to the dot-com bubble burst of the early 2000s, which was caused by speculation in unproven internet stocks."Watching the cryptos trade, it's EXACTLY like the internet stock bubble," Cuban, investor on ABC's "Shark Tank" and owner of the Dallas Mavericks, tweeted on Monday."As during the dot-com bubble, 'the experts' try to justify whatever the pricing of the day is," Cuban added.But, Cuban admits, "I think [bitcoin], [ether], a few others will be analogous to [companies] that were built during the dot-com era," which "survived the bubble bursting and thrived."Although Cuban himself has previously invested in businesses built on cryptocurrency, and even in bitcoin, he frequently warns against it, calling bitcoin a "gamble." "If you're a true adventurer and you really want to throw the ...read more...