Mark Cuban believes that bitcoin can “go much higher” and expects its demand to double

Mark Cuban believes that bitcoin can “go much higher” and expects its demand to double

Billionaire Mark Cuban, one of the great defenders of cryptocurrencies, has once again insisted on the hopeful future of bitcoin at a time when the cryptocurrency has just reissued all-time highs trading above $ 64,000.

Thus, the tycoon has been considering that bitcoin can be a substitute for gold as a safe haven asset, and has recalled that its price “is based on supply and demand. We know what the supply is. There is no reason why demand should not increase. “.

In this sense, he considers that “it is not inconceivable that the number of people who own bitcoins could be more than double,” which would increase the value of the cryptocurrency by generating much more demand than the current one, according to Cuban told CNBC Make it .

Despite everything, the also owner of the NBA’s Dallas Mavericks warns that volatility may increase or “drop in price significantly”, but he continues to see the cryptocurrency boom as the “most likely” in the long term.

Along these lines, he coincides with another stakeholder in this sector, Coinbase co-founder Fred Ehrsam. He has remarked that in the last decade he has heard “hundreds, if not thousands of times” that the cryptocurrency market has reached a top, while the price has continued to rise clearly in the medium and long term.

Coinbase debuted this Wednesday on the Nasdaq  and reached a capitalization of $ 100 billion. However, volatility gripped its first trading session and ended at 65 billion in value on the stock market. In this Thursday’s session, the company seems to have calmed down its price and marks a stabilized price slightly above $ 330.

Samuel Edwards
Samuel Edwards is the name you must have heard many times while reading reports related to Finance, that's what he is good at. From Major Investments to Stock Market Updates, he got 'em all. Be ready to blow your mind by the mind-blowing reports of Finance World from Samuel Edwards.