They margin because the trend is their friend, and then it’s not.
Until they did and people got crushed. One minute you are a millionaire on paper, the next minute your loan on your house gets called.Īnd the same happens to professional investors as well. That the internet stocks would not go down. People were rushing in, thinking it could only go up. But this is why I said it’s like the internet stock boom. But it’s not that it’s different than the stock market the same thing can happen. You are still having to make that loan payment. And you are freaked out.Ĭuban: Now some people would say they should have known better. Shit craters to $28k, and you just lost $15k in 15 hours. You are all excited because the last week it’s been going up $3k a day or more! Then boom. So you plan to sell a little bit of the BTC every month to pay it off. Now imagine you just borrowed $100k against your house, because your friend told you BTC could go to $100k by the end of the year. You borrow, you buy let’s say 3 BTC on Coinbase. But what you didn’t tell your friend is that you can’t afford the payments on that BTC loan. And the “oh fuck, this shit just dropped 10k dollars in 5 hours, WTF!” “My wife is going to kill me,” or “That’s more than I made in 3 months.” That kind of pressure. But more importantly as the price of BTC goes up there is an increasing pressure. It’s hard to spend $35k on a single BTC and not get nervous.Ĭuban: The same pressure that comes with any investment.
My advice? Learn how to hedge.” Can you unpack what you mean, exactly, by learning how to hedge?Ĭuban: Most people can’t handle volatility whether it’s stocks or crypto. You’ve tweeted that “Along the way MANY fortunes will be made and LOST and we find out who has the stomach to HODL and who doesn’t. How have your thoughts on bitcoin evolved since then?Ĭuban: Hasn’t changed a bit. I never thought it was anything more than a store of value. Mark Cuban: I actually was given some back then. Oh, and as for the overall blockchain space? Cuban thinks “the upside is truly unlimited.”ĬoinDesk: My understanding is that you bought bitcoin way back in the early days of Coinbase, and still haven’t sold.
He shares some advice on what to when HODLing, reveals that the Mavericks have plans for NFTs, says he sees potential in DeFi, and for those of you hoping for a Cabinet position in the Cuban Administration – sorry – he admits he was mostly “screwing around.” To clarify his thoughts on bitcoin and the overall blockchain space, I exchanged a few emails with the billionaire entrepreneur. Is he serious about running for president? Specifically, “I’ll run if BTC gets to $1m AND we can get commitments to donate 350 BTC to the Treasury each of the 4 yrs so that we can give 1 satoshi to every citizen each yr, that they must hold for 10 years. Could we have a … President Mark Cuban? In early January, he tweeted that he’ll run for president if the price of bitcoin cracks $1 million. These taunts seem to continue with bitcoin. This is, after all, the same Mark Cuban who once got into a fake fight with a fake referee as an April Fool’s Joke, was slapped with a $500,000 fine for an on-court tirade, and did his own stunts on the set of Sharknado 3, where he played the President of the United States, because of course. Even in his ranty “EXACTLY like the internet stock bubble” thread, he took the time to reply to Schiff, offering a quasi-defense of crypto: “What value does any collectible have other than in the eye of the buyer? Why would a digital collectible be any different?”Ĭuban has always had a nose and gift for provocation. We know that Cuban has bought bitcoin and still owns bitcoin, but we also know that he once said, “I’d rather have bananas than bitcoin,” as he “could eat bananas – bitcoin, not so much.” “You can sell anything digital using NFT,” he tells CoinDesk, hinting at plans to sell an array of digital goods soon. Whatever the billionaire’s misgivings about the bitcoin market, he’s all-in on NFTs and other blockchain-based ideas for his Dallas Mavericks. Related: BlockFi Raises $50M From Universities, NBA Star, Others as Crypto Lending Soars non-crypto-twitter crowd.Īnd that’s why Cuban’s Wednesday tweet, in the midst of GameStop mania, raised eyebrows. When people like Cuban give BTC an endorsement or a swipe, this adds or subtracts legitimacy in the eyes of the. Mark Cuban’s actual take on bitcoin? It can be tough to pinpoint and for many, Cuban’s take matters. None of the cryptos have any real value so there will be no winners. Renowned bitcoin skeptic (and goldbug) Peter Schiff poured gasoline on the fire, replying, “The difference is that some of those early internet stocks actually had real value. So they survived and ultimately thrived.