Mark Cuban To Blame For Drop In Bitcoin Price?
Mark Cuban is known for being one of the more outspoken men in business and is not afraid to tackle any and every topic that is thrown his way. In fact, back in November, Cuban took to Twitter to share his strong thoughts on then-Republican presidential candidate, Donald Trump. Unfortunately for Cuban, those comments didn’t seem to make any impact at all as Trump was still able to win the election, despite not having the support of the loud, obnoxious, billionaire.
That also didn’t prevent Cuban from letting everybody know about his opinions as his latest target was the current state of the bitcoin industry. On Tuesday, Cuban posted a string of tweets that show his true feelings on how bitcoin has doubled since the start of the year and what to expect moving forward. He began by calling the cryptocurrency “a bubble” tweeting:
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
Anyone anywhere can buy a stock. #crypto is like gold. More religion than asset. Except of course gold makes nice jewelry. #crypto notsomuch https://t.co/xp334BCRa2
— Mark Cuban (@mcuban) June 6, 2017
I think blockchain is very valuable and will be at the core of most transactions in the future. Healthcare, finance etc all will use it https://t.co/VfMEc9LkqR
— Mark Cuban (@mcuban) June 6, 2017
Since Mark Cuban sent these tweets, bitcoins value has diminished by 5% in just a few hours. By the next day (Wednesday, June 7) the volatile digital currency was still down by 2% from where it was before Cuban’s comments.
Cuban recognized the impact his words had had on the market and connected the fact that there had been a selloff in bitcoin, which he says just further signifies his views that the currency was in fact in “a bubble”. He even tweeted once again saying:
So testy. Lol. You know it's a bubble when a random twitter thread bounces the price. https://t.co/7gBGYU3JcQ
— Mark Cuban (@mcuban) June 6, 2017
Mark Cuban’s social media words were all in regards to the fact that bitcoin had raised in price significantly in the last few months. ReviewBitcoin.com thinks this is likely thanks to geopolitical stability and one could also link the rise to the fact that Asian governments just began legitimizing the currency.