Bitcoin price was seen to have a fallen in price again Tuesday after hitting its new all-time highs.
In a recent tweet by billionaire entrepreneur Mark Cuban, he states that Bitcoin might actually be a bubble.
He says, “I think it’s in a bubble. I just don’t know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble”.
Cuban was referring to how volatile Bitcoin price was in its movement with drastic rise in value over the few months.
Cuban influenced the Bitcoin price?
Once again, Bitcoin took a deep correction after Cuban posted this tweet. The Bitcoin price drop started at 11:5 a.m. in New York and just continuously went down.
I think it’s in a bubble. I just don’t know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble https://t.co/hTrV5DeWNd
— Mark Cuban (@mcuban) June 6, 2017
Bitcoin had a really good year for investors as a lot of money was made by those who invested in Bitcoin at an earlier date. 2017 saw the rise of the Bitcoin by 200 percent which was a record that hasn’t been beaten by any financial market. Despite all the growth by the Bitcoin, Mark Cuban still hangs on to the belief that the Bitcoin is a bubble that is just waiting to pop in the future.
In a follow up tweet, Cuban states that he is not questioning the value of the digital token but rather, the valuation. He states that cryptocurrency is similar to gold being more of a trend rather than being an actual asset if compared to a stock.
While still very skeptical, Cuban did acknowledge the fact that the technology used for monitoring and creating Bitcoin, known as the blockchain technology, is very powerful and also very valuable for future transactions that would be used in the future in industries such as the financial industry, the health industry, and many more. He however, does not see much hope for the Bitcoin and other digital tokens in the future.