Billionaire entrepreneur Mark Cuban is outlining Bitcoin’s biggest sales pitch.
In a series of tweets, the Dallas Mavericks owner says the price action of crypto assets reminds him of how tech stocks traded during the dot-com era.
“Watching the cryptos trade, it’s 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 won’t.”
Cuban adds that while Bitcoin (BTC) is known for having multiple narratives, he says there’s only one narrative that matters.
“As during the dot-com bubble, ‘the experts’ try to justify whatever the pricing of the day is. Crypto, much like gold, is supply and demand driven. All the narratives about debasement, fiat, etc., are just sales pitches. The biggest sales pitch is scarcity vs. demand. That’s it.”
Meanwhile, CNBC’s Mad Money host Jim Cramer is looking at Bitcoin’s volatility. In an interview with TheStreet, he points out that Bitcoin traded from a high of $42,000 down to about $32,000.
“I think what people have to recognize is this market is not any like any other market you’ve ever seen. We don’t know who’s buying, we don’t know who’s selling, we don’t know what’s going on, we don’t know anything about where it’s going…
If it goes back under $20,000, I’m a buyer again. But I got my cost out, and I’m playing with the house’s money. This is no different than an entirely erratic stock except for it trades 24/7.”
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