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Mark Cuban: Crypto ‘Exactly’ Like Dot-Com Bubble — Expects Bitcoin to Survive Bubble Burst, Thrive Like Amazon

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Mark Cuban: Crypto 'Exactly' Like Dot-Com Bubble, Expects Bitcoin to Survive Bubble Burst and Thrive Like Amazon

Billionaire Shark Tank investor Mark Cuban sees cryptocurrency “exactly” like the dot-com bubble. He says bitcoin and a few other cryptocurrencies are analogous to those dot-com stocks, like Amazon and Ebay, that survived the bubble burst and thrived.

Mark Cuban Likens Crypto to Dot-Com Bubble

Shark Tank star Mark Cuban compared what he feels is a bubble in bitcoin to the dot-com bubble on Monday after the price of the cryptocurrency took a nosedive. The owner of the National Basketball Association’s (NBA) Dallas Mavericks tweeted:

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.

“Along the way, many fortunes will be made and lost and we find out who has the stomach to hodl and who doesn’t. My advice? Learn how to hedge,” he elaborated.

At the time of writing, his tweet has garnered 895 comments. It has also been retweeted over 1.7K times and liked more than 10.8K times. Several people on Twitter view Cuban’s comment as bullish for BTC and ETH.

Among the commenters was Tyler Winklevoss, co-founder of Gemini cryptocurrency exchange, who argued that cryptocurrencies are not like stocks. “Wrong. Cryptos like BTC and ETH are networks, they are definitely not stocks or shares of a company. They are like owning a piece of the early Internet. Comparing them to stocks is an apples to oranges comparison,” he explained to Cuban. After discussing bitcoin as a store of value, the Shark Tank star reiterated his stance:

I said BTC is like gold, it’s a store of value with no other utility. At least I can eat bananas.

Gold bug Peter Schiff chimed in, telling Cuban: “Mark, you can’t store what you don’t have. Gold is a store of value as you are storing gold for future use as a metal. Jewelers will need gold, computer chip manufactures will need gold, dentists, etc. But no one actually needs bitcoin now, so no one will need it in the future.”

In a follow-up tweet, Cuban wrote:

As during the dot-com bubble, ‘the experts’ try to justify whatever the pricing of the day is. Crypto, much like gold, is a supply and demand driven. All the narratives about debasement, fiat, etc are just sales pitches. The biggest sales pitch is scarcity vs demand. That’s it.

The Gemini co-founder disagreed. “The narratives around debasement of fiat are facts. Have you looked at the Fed’s balance sheet lately? What’s the matter with supply and demand? The value of land, a Picasso, or the Dallas Mavericks franchise are determined by supply and demand too,” he told Cuban.

Do you agree with Mark Cuban about bitcoin? Let us know in the comments section below.

Mark Cuban’s Bitcoin Plan: Run for President if BTC Hits $1 Million, Free Satoshis for Every Citizen

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Mark Cuban's Bitcoin Plan: Run for President if BTC Hits $1 Million, Free Satoshis for Every Citizen

Billionaire Shark Tank investor Mark Cuban has shared his idea of what he will do when the price of bitcoin hits $1 million. Cuban says he will run for president but only if some bitcoins are donated to the Treasury so that every citizen receives some satoshis each year he is in office. He will require them to hold onto the coins for 10 years.

Mark Cuban Envisions Running for President When Bitcoin Hits $1 Million

Shark Tank star Mark Cuban tweeted about bitcoin and the U.S. presidential election Tuesday in reply to a thread started by the Virgin Galactic chairman Chamath Palihapitiya. The owner of the National Basketball Association’s (NBA) Dallas Mavericks wrote:

I’ll run if BTC gets to $1m and we can get commitments to donate 350 BTC to the Treasury each of the 4 yrs so that we can give 1 satoshi to every citizen each yr, that they must hold for 10 years.

The Shark Tank star initially tweeted “1 satoshi” but subsequently made a correction, stating, “that’s 100 satoshis per citizen per year.” One bitcoin is equivalent to 100 million satoshis.

Palihapitiya started the thread on Twitter, stating: “There will be a viable third political party in the US by 2030. Centrist, pragmatic and cuts through the bullshit. The current system is so broken, you can only support it through a combination of willful blindness and stupidity.” Cuban replied: “Why do we need political parties at all?” Palihapitiya responded with “probably wouldn’t if you would run…”

Comments flooded the thread with many people cheering for Cuban to really run for U.S. president in 2024. Some commenters suggested that either Palihapitiya or the pro-UBI Andrew Yang could be the vice president.

The Virgin Galactic chairman has long been pro bitcoin. He repeatedly said that the price of bitcoin could go to a million dollars and everyone should own some BTC, advocating having at least 1% of portfolios in the cryptocurrency. Palihapitiya himself has a plan when the price of bitcoin reaches $150,000. He tweeted on Dec. 30:

When BTC gets to $150k, I will buy The Hamptons and convert it to sleepaway camps for kids, working farms and low-cost housing.

Cuban’s opinion of bitcoin was not always positive. He previously stated that he would “rather have bananas than bitcoin,” emphasizing that he could at least eat a banana. In December, Cuban started showing an incremental growth of appreciation for the cryptocurrency, arguing that bitcoin was “a store of value like gold” but added that it “is more religion than solution to any problem.” Then his Dallas Mavericks started offering merchandise discounts for customers paying with bitcoin.

What do you think about Mark Cuban’s bitcoin plans? Let us know in the comments section below.

The post Mark Cuban’s Bitcoin Plan: Run for President if BTC Hits $1 Million, Free Satoshis for Every Citizen appeared first on Bitcoin News.

Shark Tank’s Kevin O’Leary Warns Regulators Will Come Down Hard on Bitcoin — ‘It Will Be Brutal’

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Shark Tank's Kevin O'Leary Warns Regulators Will Come Down Hard on Bitcoin — 'It's Going to Be Brutal'

Shark Tank star Kevin O’Leary, also known as Mr. Wonderful, has warned about regulators coming down hard on bitcoin. In addition, he says that “even if bitcoin were to go up another 2,000%, it’s completely irrelevant to institutional clients.”

Kevin O’Leary Warns of Brutal Bitcoin Regulation, Says Bitcoin Is Not an Institutional Product

Canadian investor and television personality Kevin O’Leary talked about bitcoin in an interview on Thursday with CNBC’s Squawk Box.

O’Leary was asked whether he had changed his mind about bitcoin from thinking that it was “not a real currency” to investing in it and possibly buying more. “Let me be clear … I’ve been a cryptonian for years,” the Shark Tank star replied.

Whipping out his phone, he said, “here is my bitcoin wallet. At the time, all you can get was ethereum, XRP, bitcoin, litecoin, stellar lumen, and bitcoin [cash]. I bought this at the last craze. I put $100 to work here. This morning it is worth $52.77 because not all cryptocurrencies are the same, clearly.” He elaborated:

I’m involved in this because it’s fun but this is not an institutional product … This whole market, even if bitcoin were to go up another 2,000%, is completely irrelevant to the institutional clients.

Reiterating that he owns bitcoin, O’Leary noted, “I ride with it on the weekends,” but emphasized that “you can’t put this into a fiduciary product … it’s irrelevant to financial markets.”

He clarified that “The real problem is if you get involved in this as a fiduciary, and it gets regulated, and it gets cut in half or goes to zero, who knows what, you have never seen the mother of class action lawsuits that’s coming from that one.”

O’Leary was asked to comment on how the Dallas Mavericks, the professional basketball team owned by his fellow Shark Tank star Mark Cuban, recently began to offer merchandise discounts to customers paying with bitcoin. “That’s another arena … where you can see legitimacy to bitcoin from people like Mark Cuban, your buddy, who’s trying to make this into a more relevant part of people’s lives,” said the CNBC host. Cuban also recently said bitcoin was more of a religion than a solution to anything.

“I know Mark quite well, he also was quoted saying he thinks bananas are bigger common currency and he is probably right,” O’Leary said, adding:

My whole point is for all of us … who monitor and work within the financial services’ multi trillion dollar global industry, is this a nothing burger? It’s not even a single cell amoeba.

The Shark Tank investor proceeded to detail that “The financial markets deal with regulators, and you can only operate within the confines of those rules, and so when we glorify something like this [bitcoin], it really has nothing to do with the financial markets that make the whole world work. And no institutional sovereign fund investors I’ve ever talked to has said to me go index all of the cryptocurrencies for me.”

Asserting that the institutional investors he talked to do not want to own bitcoin because “they fear the regulator,” O’Leary warned:

Watch what happens one day and I’m waiting for this one. I’m waiting for the day that one of these regulators come down hard on bitcoin. Grown men are going to weep when that happens. You will never see a loss of capital like that ever in your life. It will be brutal. And, I’m just saying you have to get ready for it.

Meanwhile, a growing number of institutional investors are investing in bitcoin. Bitgo recently said that it is seeing “unprecedented institutional interest” and Skybridge Capital has launched a bitcoin fund, expecting an “avalanche of institutional investors.” More banks have also started offering crypto services to institutional clients, such as Standard Chartered Bank. In terms of regulation, the Financial Crimes Enforcement Network (FinCEN) recently proposed new rules affecting cryptocurrency wallets.

Do you agree with Kevin O’Leary? Let us know in the comments section below.

The post Shark Tank’s Kevin O’Leary Warns Regulators Will Come Down Hard on Bitcoin — ‘It Will Be Brutal’ appeared first on Bitcoin News.

New Stimulus Checks: Barbara Corcoran Slams Mark Cuban’s Expiry Date Idea, Favors Long-Term Relief

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New Stimulus Checks: Barbara Corcoran Slams Mark Cuban's Expiry Date Idea, Favors Long-Term Relief

Famous investor and “Shark Tank” star Barbara Corcoran has criticized Mark Cuban’s “use it or lose it” approach to the second round of stimulus checks for Americans. She also shares her thinking on what’s more important than one-time direct payments.

Second Stimulus Checks and Extended Unemployment Benefits

Barbara Corcoran, the American investor famed for building a real estate empire with just a $1,000 loan, has spoken about stimulus checks to help Americans through the coronavirus-led economic crisis. She is also a star of the ABC television show “Shark Tank,” a multi-Emmy Award-winning entrepreneurial-themed reality show.

Recently, her Shark Tank co-star Mark Cuban said a second stimulus package should give all U.S. households a $1,000 stimulus check every two weeks for the next two months. However, there is a catch — recipients must use that money within 10 days. Cuban believes that this requirement will promote spending and help keep businesses open.

Many people, including Corcoran, disagree with Cuban’s stimulus check suggestion. Commenting on her co-star’s idea of giving people a stimulus check with an expiry date, she told CNBC Make It last week:

Unlike Mark, I don’t think a ‘use it or lose it’ approach is the way to go because it promotes unwise, quick spending. People should spend money on essentials first like food, rent and monthly credit card bills vs new TVs.

Corcoran emphasized that she supports a second round of stimulus checks. “I do think another stimulus package is useful to shore up folks hardest hit, especially those who have lost their jobs,” she said. However, the real estate guru believes that it is even more important for Congress to extend unemployment benefits. She explained that stimulus checks are “not nearly as important as extending unemployment benefits that give a boost to those who need it most.”

According to CNBC, experts agree with Corcoran that boosting unemployment benefits will help mitigate financial hardship long-term and would help the economy recover more effectively than one-time checks.

Last week, the House passed the $2.2 trillion revised Heroes Act which House Speaker Nancy Pelosi introduced on Monday. It includes another round of $1,200 direct payments to U.S. households. Pelosi and Treasury Secretary Steven Mnuchin have been trying to come up with a compromise on the stimulus bill. On Friday, President Donald Trump said he tested positive for coronavirus and urged Congress on Saturday to pass a much-needed stimulus package to help Americans. So far, Democrats and Republicans have not been able to come to an agreement on a relief aid package, and time is running out to get one passed before the November presidential election.

What kind of stimulus payments do you think is best? Let us know in the comments section below.

The post New Stimulus Checks: Barbara Corcoran Slams Mark Cuban’s Expiry Date Idea, Favors Long-Term Relief appeared first on Bitcoin News.

Mark Cuban Wants an Expiration Date on Stimulus Checks: Critics Says Proposal Is Right out of a Banana Republic Playbook

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Mark Cuban Wants an Expiration Date on Stimulus Checks: Critics Says Proposal Is Right out of a Banana Republic Playbook

U.S. billionaire Mark Cuban wants the next stimulus check to come with an expiration date in order to force Americans to spend the funds. The businessman believes this “use it or lose it” approach would benefit the U.S. economy as it promotes spending instead of saving. Cuban argues that when consumers are forced to spend, it helps businesses to stay open and help the economy to recover from the knock-on effects of the Covid-19 pandemic.

Explaining details of his proposal, Cuban says that “all American households, no matter their income level, should receive a $1,000 stimulus check every two weeks for the next two months.”

Cuban, who made a similar proposal in May, argues that “without mandating the money be spent within 10 days of receipt, many Americans will save it.” The last time the Treasury sent checks to U.S. citizens at the start of the lockdown period, some Americans used their funds to invest in stocks as well as in cryptocurrencies.

The billionaire says the objective is to get that money flowing into the economy every two weeks. Once businesses start having demand, “even if they’re closed and working online,” then there is a “reason for them to be able to bring back employees and retain those employees if demand is sustained.”

However, some critics have assailed Cuban’s “risky” plan as well as the general calls for endless streams of free money. In a Twitter post, analyst Jereon Vandamme, says billionaires like Cuban “hope they will profit the most, while the system gets inflated.”

Vandamme is particularly incensed by Cuban’s use it or lose it proposal saying:

“Expiration dates on money are used in banana republics. Copy-paste from the Gideon Gono playbook, former central banker of Zimbabwe.”

Prior to Zimbabwe’s economic collapse in 2008, Reserve Bank of Zimbabwe governor, Gideon Gono had introduced as legal tender, bearer cheques that had an expiration date. Gono argued that bearer cheques, which were issued between 2003 and 2008, were a necessary tool in his fight against cash hoarders and the foreign currency black market. Some of the bearer cheques had a circulation period not exceeding three months.

However, this strategy failed and Zimbabwe went to record the second-highest ever recorded inflation of 79.6 sextillion percentage.

Meanwhile, despite these concerns about the proposed economic stimulus plan, haggling US lawmakers are still expected to approve a $2.4 trillion aid package. It remains unclear, however, if the US government is going to take heed of Cuban’s advice.

What do you think of Cuban’s proposal? Tell us what you think in the comments section below.

The post Mark Cuban Wants an Expiration Date on Stimulus Checks: Critics Says Proposal Is Right out of a Banana Republic Playbook appeared first on Bitcoin News.