Foremost American billionaire and owner of Dallas Mavericks, Mark Cuban has reiterated the view of the richest man in the world, Elon Musk and said that “Bitcoin and other crypto assets are all stores of value.” He made this statement in a recent blog post where he commented on the ongoing face-off between the big financial institutions on the Wall Street and the WallStreetsBets traders.
According to Cuban, millennials have driven crypto assets into becoming a recognized store of value while effectively replacing the traditional financial system idea of what should be an investment or not. He added that while the crypto industry has a history of its high volatility rate, plus the probability of transaction fees going high, it is however not enough reason for people not to invest in the industry as a growing number of investors already thinks its market is better than the “old school physical markets and the stock market.”
The Mavericks owner also highlighted the advantage the crypto industry has over the conventional financial system. He stated millennials are more interested in the industry because “there is no central authority or government or big company” having any sort of influence on the happenings in the community.
He went on to add that “WallStreetsBets traders are applying the same principles of the digital/CryptoAsset world to the stock market and they are loving the fact that the old schoolers are hating it.”
Cuban says BTC price could reach $1 million
In a previous interview with CoinDesk, Mark Cuban had advised Americans to get a digital account where they can hold money, stocks, and digital assets. He had also predicted that the price of Bitcoin could reach $1 million if more institutional investors replace gold with the digital asset.
He concluded by saying that he believes that the crypto industry is still at the early stages of its adoption and that the industry might just be like the early internet companies. He adds that the potential of cryptocurrency and blockchains, however, remain limitless.