Bitcoin is a bubble. American billionaire: I doubt the valuation

Yesterday, the Bitcoin market was once again in full swing, with the domestic Bitcoin price exceeding 20,000 yuan, reaching a high of 20,490 yuan. Driven by the fermentation of geopolitical risks in Qatar, the overseas Bitcoin price also hit a record high, exceeding 2,800 US dollars.

American billionaire and well-known entrepreneur Mark Cuban posted on social media, in which he admitted: "When everyone thinks it is easy to make money, (this asset) has a bubble", saying that everyone now thinks "this time is different."

Bitcoin has been rising strongly recently. On Tuesday, the price once rose above the $2,800 mark and was last reported at $2,714. From the beginning of the year to date, Bitcoin has nearly doubled. It is worth noting that Ethereum, also a virtual currency, has risen even more than Bitcoin, with the price rising to $250, a 30-fold increase from the beginning of the year to date.

Cuban pointed out that stocks can be bought by anyone at any time, while cryptocurrencies are like gold, which has more "faith" than other assets. However, gold can be used to make precious jewelry, while cryptocurrencies cannot.

He stressed that blockchain is very valuable and can be further used in medical and financial fields in the future. "But I am not doubting the value, I am doubting the valuation."

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