I think we just found out why Mark Cuban said Bitcoin was in a bubble...
A few weeks back, Mark Cuban decided he felt it was prudent to go on his twitter account and post about how he thought Bitcoin was currently in a bubble.
The tweet looked something like this:
I wrote a post about it at the time, it can be read here:
https://steemit.com/cryptocurrency/@jrcornel/hey-mark-cuban-stick-to-what-you-know
Well, here we are a few weeks later and the latest headlines are saying that Mark Cuban is thinking about participating in an ICO run by a company that he is currently invested in.
So, Mark Cuban is thinking about taking an investment in an industry that he felt the need to voice negative opinions about just a few weeks earlier?
Actually when we really think about it, it shouldn't be all that surprising judging by another tweet of his posted a few minutes after that first one:
So, he is a believer in the technology but perhaps doesn't think the price is quite right.
Doesn't think the price is right for the entire space or just for Bitcoin?
Well, a company that Mark is already invested in is planning it's own ICO, and it is looking like Mark wants a piece of the action.
The company in question is Unikrn. Unikrn is an esports online betting site.
On a side not for those unfamiliar with the ICO acronym:
An ICO (initial coin offering) is a fundraising process used by blockchain based projects to raise capital through the sale of their digital tokens. ICO's are all the rage right now with money being thrown at just about all of them, even ones with very little fundamentals actually backing the project.
So, why would Mark Cuban be stating that Bitcoin was in a bubble just a few weeks ago and then participating in a coin offering shortly after?
Well I think this next little tidbit makes that quite clear...
In this ICO, Unikrn plans on launching a virtual currency that is based on Ethereum.
Ethereum is a rival of Bitcoin at the moment. Some think they both can coexist, but it is also likely that if money comes out of Bitcoin it could find it's way into other projects, like the Ethereum project.
So, in that regard, it makes perfect sense for Mark to put down a potential competitor of his own investment.
Or....
It could just be that Mark really does think the entire space is in a bubble but he decided it is better to join the party than fight the trend and miss out on some profits.
And what better way to join the party than with a company you already know in an area that you have a keen interest in.
Sometimes it is tough to tell which one it is with Mark. :)
Stay informed my friends!
Sources:
Image Sources:
https://www.si.com/tech-media/2016/11/10/dallas-mavericks-mark-cuban-automated-sports-coverage
Follow me: @jrcornel
Mark Cuban is a smart man, but he drives me nuts. Not particularly honest about what he says on twitter or shark tank. Lemme guess, his company will want to do an uncapped ICO.
mark is like wait wait wait... were allowed to sway here without regulators crawling up our shit??? im in sign me up...
Mark watching the price of Bitcoin the past few months.
He sold before the price dropped, so he would be looking a lot happier than that ;) it means he could buy back his initial coins for A LOT less.
There will be statements even when bitcoin will hit $10000. This buble statement is ever lasting.
What about those statement where financial icons saying bitcoin will hit $100,000
Absolutely right. He's obviously a smart guy - perhaps he's simply annoyed he didn't predict the incredible rise of Crypto, thus he talks it down. Time will tell. I'm happy to bet against him - and I wouldn't do that with much in business!
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I also think people/organizations lie to give themselves better opportunities. (We could look at CNN for this example too)
I think Cuban says BUBBLE because normal people get scared and start selling, driving down the price. Then Cuban comes in after the Bubble is deflated and buys.
I know one thing about Mark Cuban, he knows how to make money. Definitely a smart guy.
Mark Cuban is a smart businessman. He clearly sees the potential in blockchain technology, don't take it personally when he thought Bitcoin was overvalued a few weeks ago. Everyone is entitled to their opionion.
I like his style on shark tank :D
Wow it's amazing a basketball wanders into bitcoin
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Mark is not basketball. Basketball is fun hobby for Him. He is the one who pioneered alternative payments through creating PayPal. This guy knows his financials.
It really looks sort of hypocritical. Fwiw I believe his comments on Twitter were directed towards the entire cryptocurrency sphere. He actually said owning $10 worth of Bitcoin to try it out. His tweeting about crypto illustrated only his ignorance. As far as this move. Here's my opinion that I gave the worst title ever: https://steemit.com/altcoin/@bramdehaas/initial-token-of-scepticism Reserving final judgement it looks like he's trying to get in on the action by raising really easy money through an ICO to benefit a venture investment where he likely invested at much better terms.
I have lost all respect for Mark Cuban based on how he as treated our president in the media. He is very child like and short sighted.
Same here... just because he has a lot of money doesn't mean he is an expert in everything. Perhaps he needs to be reminded of that :)
Exactly
His jealousy is showing
Wow this is insane...I always thought he said it was in a bubble so that he could invest in it himself when it was cheap. Seemed like a stupid reason because he has so much money he doesn't even need it to dip. Makes a lot more sense that he is yelling bubble so that he could bring more money to his new investment.