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Monday, 18 June 07:43 (GMT -05:00)



Foreign exchange market

Billionaire Cuban Calls Cryptocurrencies and Blockchain the Future of Financial Markets


American billionaire Mark Cuban thinks that cryptocurrencies and the blockchain technology is the future. He shared his opinion with the public during his interview with Bloomberg. He talked about Bitcoin and the development prospects for the entire industry of digital currencies.

 

 

 

 
In particular, he thinks that Bitcoin and the blockchain technology, which is the core technology behind each and every cryptocurrency out there, as well as the Distributed Ledger Technology (DLT), can open the door to a more advanced future. The billionaire also disproved the assumption that Bitcoin is not real and has no really value whatsoever. By the way, this is the common assumption most experts share.
 
Mr. Cuban claims that Bitcoin can be compared to conventional stocks that can be bought and sold by investors. The entrepreneur thinks that’s an interesting approach since there are quite a lot of assets backed by pure supply and demand these days. Moreover, most stocks don’t have intrinsic value. He says that in reality shareholders don’t have any property rights, and they cannot vote. All the can do is just buy, hold, and sell those stocks. That’s why he compares modern stocks to baseball cards, which is why Bitcoin is no different from stocks in this aspect.
 
Apart from that, Mr. Cuban confessed that he was going to load up on Bitcoin long ago. He confirmed his investments in Bitcoin and some ICOs. He bought Bitcoin through XBT Provider, a Swedish Bitcoin ETF, since this seemed a liquid investment. He has been participating in ICOs and actual token sales since he thinks that blockchain is an innovative technology of the future.
 
Investor had a change of heart
 
It’s interesting to note that the recent statements made by the billionaire contradict his earlier statements. He used to call Bitcoin a market bubble. However, the recent steps made by his company regarding the cryptocurrency can be seen as optimistic. As mentioned, the billionaire and his company have been heavily investing in ICOs and the blockchain technology.
 
Still, some other respected financial experts are still feeling negative about Bitcoin. For instance, in late September 2017, JP Morgan Chase CEO Jaime Dimon called Bitcoin a fake currency and a good fit for criminals. Ray Dalio, President of Bridgewater Associates, thinks Bitcoin is a market bubble which is going to burst over time. Some other experts also think that Bitcoin is backed by nothing but some software creating artificial deficit, which they think is something weird.
 

 

At the same time, despite the constant flow of criticism coming from a range of respected market players, Bitcoin keeps on going up in value. NordFX reports that Bitcoin is currently trading at a level well over $4700.

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