“Dallas Mavericks” owner Mark Cuban said previous Tuesday he will run for the office of the president of the United States if Bitcoin hits $1 million.
The “Shark Tank” fame investor proposed the foray into politics on Twitter.
SPAC King’s Commitment
Cuban also decried the current system in a separate tweet which he described as “broken.” The entrepreneur prophesied that there would be a viable third political party in the U.S. by 2030.
If “SPAC King” and Virgin Galactic (NYSE: SPCE) Chairman Chamath Palihapitiya is to be believed, under this condition, Cuban might just be ready to run for the office of POTUS in 2024.
On the last day of 2020, Palihapitiya had said he would buy the Hamptons and convert it to sleepaway camps for kids, working farms, and low-cost housing should BTC hit $150K.
Bitcoin Rally
Bitcoin has risen about 19% at $34,249 so far, touching an all-time high at $35,587.66 late Tuesday. (last week)
JPMorgan analysts see Bitcoin reaching 6,000 levels in the long term should private sector investments into the cryptocurrency match those in gold.
Institutional investors continued to invest in the apex cryptocurrency despite the high valuations above $30,000 on Coinbase Pro.
Dot-Com Bubble
Billionaire Mark Cuban said that recent trading of bitcoin BTCUSD, 2.55% and other cryptocurrencies reminds him of the internet stock bubble of the late 1990s.
Bitcoin, which has risen nearly 300% in the past 12 months, was mentioned by Cuban as an equity that could survive a potential bubble bursting among cryptocurrencies — similar to how companies like Amazon AMZN, -2.15% and EBay EBAY, -1.01% survived during the internet stock bubble.
The internet stock bubble, also known as the dot-com bubble, saw U.S. internet-based company valuations grow exponentially in the 1990s before entering a bear market in the early 2000s. At that time, many dot-com stocks plummeted and the technology-dominated NASDAQ COMP, crashed.
Leave a Reply
You must be logged in to post a comment.