Billionaire Mark Cuban is confident in the ability of bitcoin and some altcoins to overcome the “market bubble” in a way that Amazon, eBay and Priceline experienced the dotcom boom.
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
— Mark Cuban (@mcuban) January 11, 2021
Gold proponent Peter Schiff responded that “Internet companies had real value, while no cryptocurrency has it.”
The difference is that some of those early internet stocks actually had real value. So they survived and ultimately thrived. None of the cryptos have any real value so there will be no winners. They will all lose.
– Peter Schiff (@PeterSchiff) January 11, 2021
Cuban countered that the price of cryptocurrency, like gold, is determined only by supply and demand.
“It’s a store of value. There is no real value in Bitcoin. All the talk about fiat and depreciation is advertising bikes. Bitcoin is not meant for transactions, ”added the billionaire.
In August 2019, Mark Cuban highlighted the advantages of cryptocurrency over gold.
In September 2020, Peter Schiff of the year admitted that he was wrong in his July forecast of the collapse of the first cryptocurrency.