Mark Cuban is not feeling the bitcoin love — and he is not afraid to tell Twitter all about it. The opinionated billionaire had a bitcoin warning for his millions of followers this week:
“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.”
And the price of bitcoin responded — a little. The digital currency’s price had already dropped 0.86 percent before Cuban got to Tweeting, but it did manage to stay near the $2,900 mark.
Soon after the Cuban tweets, the price of the volatile cryptocurrency drifted further down to a little over $2,700 per bitcoin.
All in all, however, it has been a good year for bitcoin — which is up 200 percent and gaining ground. But Cuban remains not persuaded.
“Anyone anywhere can buy a stock. #crypto is like gold. More religion than asset. Except, of course, gold makes nice jewelry. #crypto notsomuch”
Cuban went on to note, in response to the angry tweets of many bitcoiners:
“I’m not questioning value. I’m questioning valuation.”
Cuban has long taken something of a dim view of cyrptocurrency — he recently told USA Today that bitcoin has “no shot as a long-term digital currency.”
He did, however, note it might be an investment asset under the right circumstance.