Bitcoin has been doing extremely well as of late. Not too long ago, the world’s number one digital currency by market cap reached a new all-time high of approximately $63,000 per unit, though according to some – such as Mark Cuban, the billionaire owner of the Dallas Mavericks basketball team – we have only hit the tip of the iceberg, and the price of bitcoin is going to get much bigger.
Mark Cuban: BTC Will Be a Much Bigger Asset
BTC has struck new heights over the past two weeks largely thanks to news that Coinbase – one of the world’s largest and most popular cryptocurrency exchanges – went public on the Nasdaq. The exchange is valued at more than $100 billion and saw its first shares trading for well over $300 each, though some analysts believe that the price could fall during the next few days.
Either way, the news really did well with most crypto traders across the globe, and bitcoin hit a new high in the process. Mark Cuban now thinks that this was nothing compared with where the asset is likely to go in the coming months and years.
In a new interview with CNBC, Cuban explains:
It is not inconceivable that the number of people that own [bitcoin] could more than double. That is not to say that the price will not increase in volatility and/ or go down in price significantly, but the opportunity for it to go much higher certainly exists and I think that over the long term, it is the more likely case.
Cuban has had something of an up-and-down relationship with bitcoin and cryptocurrency in the past. While he has permitted bitcoin payments for tickets and merchandise relating to his basketball team, he has often claimed that he would rather have “bananas” than bitcoin, thereby suggesting that he did not think much of the asset.
However, in a recent discussion, it came out that the billionaire mogul not only owned a lot of bitcoin, but that his cryptocurrency portfolio was greatly expanding due to his love of ETH as well. He claimed that the world’s second-largest cryptocurrency by market cap and the primary competitor to bitcoin was the digital asset closest to serving as an actual currency, and thus he felt that it would likely exceed all other competition in the future. He was also rather impressed with its smart contract capabilities.
The price of [bitcoin] is built on supply and demand. We know what [the] supply is. There is no reason for the demand not to increase.
Coinbase co-founder Fred Ehrsam expressed similar sentiment and believes that BTC could wind up going much higher. He says:
As somebody who’s been working in crypto for ten years… I think it will be volatile from here, but that is just the nature of such a huge technology coming into existence.