Billionaire Mark Cuban believes Bitcoin and some altcoins can weather a market bubble in the same way that Amazon, eBay and Priceline rode the dot-com 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 advocate Peter Schiff retorted that “internet companies had real value, whereas none of the cryptocurrencies have any.”
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 contended that the price of cryptocurrencies, like gold, is determined solely by supply and demand.
“It is a store of value. Bitcoin has no real use. All discussions of fiat and debasement are hype. Bitcoin is not intended for transactions,” added the billionaire.
In August 2019, Mark Cuban highlighted the advantages of cryptocurrency over gold.
In September 2020 Peter Schiff acknowledged that he was wrong in his July forecast of the collapse of the first cryptocurrency.
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