Bitcoin Just Hit A Record High But Then Pulled Back After This Happened

According to CoinDesk, Bitcoin climbed more than 8% to a record high of $2,967.48 on Tuesday before the digital currency edged back. The reason for the retrace? Famed American investor Mark Cuban, said bitcoin was in a bubble.

Cuban Tweeted to his 7.1 million followers on Twitter, “I think it’s in a bubble. I just don’t know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble https://twitter.com/fergulati/status/872115158440607747 …

He also said, “Anyone anywhere can buy a stock. #crypto is like gold. More religion than asset. Except of course gold makes nice jewelry. #crypto notsomuch”

Cuban had once told USA Today that bitcoin “got no shot as a long-term digital currency.”

Despite his remarks, bitcoin has seen an almost 200% gain this year and has even outperformed stock market benchmarks like the NASDAQ composite and the S&P 500. A lot o the gains are connected to Japan recently approving bitcoin as a legal payment method back in April.

Sean Walsh, a partner at Redwood City Ventures, unlike Cuban, thinks bitcoin’s price will keep moving higher. He said, “It may sound like hyperbole, but I simply cannot emphasize enough how mismatched the quantity of whole Bitcoins and the population of potential global buyers is. Bitcoin is available for purchase to 3 Billion Internet-connected adults across every country in the world. We produce just 1 new Bitcoin each month for 55,000 of these people to fight over.”

Sofia Vida

Sofia has been writing for major news outlets for over 15 years. In her spare time she enjoys hiking, walking her dogs, and going to concerts.

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