Mark Cuban, the owner of NBA Dallas Mavericks, has experienced the entire period of the dotcom bubble. He warned to be careful that the big bubble in the cryptocurrency market will burst at any time. Cuban took seriously the Internet technology bubble 20 years ago as an example and hopes everyone will learn from it.
Cuban said that most cryptocurrencies will collapse due to this bubble. He believes that among many cryptocurrencies, only Bitcoin and Ethereum will survive and thrive, become the next Amazon and eBay.
Cuban's Broadcast.com was valued at only 1 billion in 1999 by IPO but was later acquired by Yahoo for US$5.7 billion in April of the same year, which shows that the market was quite optimistic about Broadcast.com. Yahoo gave a massive wealth to Cuban, which in turn made him decide to buy Dallas Mavericks in NBA next year.
In the era of the dot-com bubble, Cuban said that the most important thing to learn is to know when to dispose of overheated assets and get rid of the bubble. Yahoo paid Cuban with its own stock, and Cuban sold all out in less than a year.
A few days ago, Cuban published his insights on the current Bitcoin:
Cuban’s remarks are not clueless, the morning report of Modern Consensus: Bitcoin wallet balances of over 1,000 BTC (~$30 million) continue increasing, the data from on-chain analytics service Glassnode reveals, while other sizes of wallet are conversely decreasing. The Bitcoin supply is thus notably being transferred to already wealthy owners.
– Data source: Glassnode –
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