The entrepreneur sees 3 signs the cryptocurrency is in "a bubble"
Back before the November election, entrepreneur Mark Cuban often took to Twitter in an attempt to take down then-presidential candidate Donald Trump. While that didn’t exactly work out, Cuban’s most recent target on social media has certainly had an effect.
On Tuesday, Cuban took aim at cryptocurrency bitcoin, which has, since the start of the year, nearly doubled in value. His Twitter comments also appear to have caused a dip in bitcoin’s value of about 5%. By mid-day Wednesday, the volatile cryptocurrency was still down by about 2% from its value prior to Cuban’s comments.
So what did Cuban say? For one, he called the currency “a bubble.”
A few hours later, one user noted that Cuban’s Twitter thread had sparked a sell off in the cryptocurrency. Cuban used that as further evidence that the asset was indeed in bubble territory.
His comments come as the price of bitcoin has soared in recent months thanks to geopolitical stability, as well as some Asian governments legitimizing the currency.