Mark Cuban says recent crypto trading is ‘exactly like the internet stock bubble’

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Billionaire Mark Cuban said that recent trading of bitcoin and other cryptocurrencies reminds him of the internet stock bubble of the late 1990s.

Watching the cryptos trade, it’s EXACTLY like the internet stock bubble. EXACTLY. — Mark Cuban

Cryptocurrencies have been on a meteoric rise in recent months, as the market cap of bitcoin and other cryptos topped $1 trillion last week, according to CoinDesk.

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 and EBay survived during the internet stock bubble.

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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 crashed.

Cuban sold his company Broadcast.com to Yahoo at the height of the dot-com bubble in a deal valuing the company at over $5 billion.

Cuban’s comments come as the U.K.’s financial regulator issued a warning about the rise of bitcoin and other cryptocurrencies, saying people should “prepare to lose all your money.”

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