Bitcoin
BTC
has lost its luster this year as its price plummets and traders panic over which exchanges could be next to implode.
The bitcoin price has crashed by around 75% since hitting an all-time high of almost $70,000 per bitcoin last year, plunging crypto companies into crisis and forcing Coinbase’s chief executive to issue a stark warning.
Now, Mark Cuban, the billionaire Shark Tank star and bitcoin critic-turned-crypto investor, has said he wants the bitcoin price to keep falling—so he can buy more.
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Dallas Mavericks owner Mark Cuban remains upbeat about bitcoin and other cryptocurrencies despite … [+]
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“I want bitcoin to go down a lot further so I can buy some more,” Cuban, who once famously said he’d rather have bananas than bitcoin, said on comedian Bill Maher’s Club Random podcast this week, adding gold is “useless” compared to bitcoin.
Some have warned the bitcoin price could fall a lot more in 2023, with Standard Chartered analysts issuing a devastating bitcoin price prediction.
“If everything went to hell in a handbasket and you had a gold bar, you know what would happen? Someone would beat the f— out of you or kill you and take your gold bar,” Cuban said.
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The bitcoin price has crashed over the last year but remains many times higher than its price just a … [+]
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The Dallas Mavericks NBA team owner said that both gold and bitcoin are “stores of value,” however—though researchers at trading company Capriole Investments have said they expect the bitcoin price to outperform gold in coming years, copying gold’s huge 1970s breakout.
“Bitcoin has more growth potential than gold because it is smaller,” according to Capriole’s Charles Edwards, writig in the company’s latest newsletter. “A like-for-like demand in both assets will result in a 40-times greater price change for bitcoin”—potentially propelling the bitcoin price to over $600,000, a 4,000% increase from its current price.
