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Mark Cuban calls bitcoin a bubble, price falls

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.

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.

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.”

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