Mark Cuban Talks about the Current Cryptocurrency industry Situation
Ever since the cryptocurrency industry made its way to the online platform, it has faced a lot of resistance from the mainstream entities. On a number of occasions, the cryptocurrency industry has been compared to a scam and a hoax, planted by criminally minded entities.
However, the cryptocurrency industry has managed to fight against all the odds and false claims made against it since 2009. After all the hardships, false accusations, and receiving a critical response, the crypto-industry has finally managed to make it to the mainstream level.
With time, the industry has not only gained success and recognition among major financial institutions but also from economic giants. There are several countries from all around the world that are now trying to be at the top of the crypto-blockchain technology chain.
Most importantly, the cryptocurrency industry has managed to change the minds of many people who once opposed cryptocurrencies to their core. For them, cryptocurrencies were nothing more than a waste of resources and investments.
One of the most prominent personalities that had his perception changed about cryptocurrencies was Michael J. Saylor. There was a time when the founder and CEO of the major business intelligence firm was against cryptocurrencies, Bitcoin (BTC) in particular. For him, Bitcoin (BTC) was an extremely volatile asset that made it unstable for investments.
However, in the past year, Saylor became a proponent for the cryptocurrency industry and started talking very high of Bitcoin (BTC). He started speaking openly about the benefits of investing in Bitcoin (BTC) through his Twitter account.
He even revealed that he had invested more than $100 million worth of his personal portfolio to invest in Bitcoin (BTC). Since then, even the company owned by Saylor ‘MicroStrategy’ has invested more than $1.12 billion in Bitcoin (BTC) in the past year.
Now, another personality has had his mind changed around Bitcoin (BTC) and other cryptocurrencies, known as Mark Cuban. Mark Cuban a billionaire entrepreneur, investor, television celebrity, and the owner of the Dallas Mavericks.
There was a time when Mark Cuban stated that he would rather invest in Bananas than investing in Bitcoin (BTC). However, the billionaire was later found doing a promotion for 25% to 50% discount on the purchase of Dallas Mavericks’ merchandise, if users paid with BTC and other cryptocurrencies.
Just recently, when Bitcoin (BTC) alongside all other cryptocurrencies have faced a drop of around 20% to their values, Cuban has shared his point-of-view about the situation, which is rather positive than being negative.
The billionaire expressed that the recent drop reminded him of the internet stock bubble that popped back in 1990. When there were speculations of the internet being launched, people from around the world had the same thinking about it. Today, the internet platform has become one of the basic utilities in every household.
He stated that even the e-commerce solutions faced the same kind of a trend when they started. While talking about e-commerce solutions, the billionaire mentioned Amazon, eBay, and Alibaba. He stated that Amazon had to sell books when it started and the Jeff Bezos was even laughed at in the beginning.
Now, Amazon is the largest e-commerce solution in the world and its owner is the second-richest on the entire planet. As per Cuban, the cryptocurrency industry is also in that phase where it is going to fluctuate a bit but will eventually achieve new heights.