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Bitcoin gave back most of its gains on Tuesday after billionaire entrepreneur Mark Cuban said in a series of tweets the digital currency is in a bubble.
Cuban Tweet: 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
The digital currency traded about half a percent higher at $2,750.66, well below the record high of $2,967.48 set earlier in the session, according to CoinDesk. Bitcoin prices started falling at about 11:45 a.m. in New York, just minutes after Cuban’s tweet came out.
Bitcoin intraday chart
Source: CoinDesk
Bitcoin has had a remarkable year, rising about 200 percent to handily outperform widely followed benchmarks like the S&P 500, which is up about 8 percent in 2017. Still, Cuban remains skeptical of the cryptocurrency’s sharp rise.
Cuban Tweet: I’m not questioning value. I’m questioning valuation
Cuban Tweet: Anyone anywhere can buy a stock. #crypto is like gold. More religion than asset. Except of course gold makes nice jewelry. #crypto notsomuch
Nevertheless, Cuban did acknowledge in another tweet that blockchain, the technology behind bitcoin, “is very valuable and will be at the core of most transactions in the future. Healthcare, finance etc all will use it.”
Cuban Tweet: I think blockchain is very valuable and will be at the core of most transactions in the future. Healthcare, finance etc all will use it
