Up 58% for the yr, Bitcoin (CRYPTO: BTC) stays one of many best-performing cryptocurrencies of 2024. At its present worth of $67,000, Bitcoin is inside placing distance of its all-time excessive of $73,750 and seems poised for a robust year-end rally.
So it is maybe no shock that billionaire traders are beginning to take a tougher have a look at Bitcoin as we head into 2025. One in every of them is billionaire tech entrepreneur Mark Cuban, who has develop into more and more bullish concerning the causes traders ought to think about including the world’s hottest cryptocurrency to their portfolios. Should you be bullish on Bitcoin, too?
The case for getting Bitcoin
Clearly, Cuban is enamored with Bitcoin’s huge upside potential. In July, he was requested how a lot increased Bitcoin would possibly go, and his reply was easy: “Method increased than you suppose.” Do not forget — simply 11 years in the past, Bitcoin was buying and selling for lower than $100. Who might have imagined on the time that traders right now can be severely speaking up a $1 million price ticket for Bitcoin?
As Cuban sees it, although, there’s extra to Bitcoin than simply its phenomenal upside potential. For one, Cuban means that Bitcoin can operate as a secure haven asset throughout instances of political uncertainty. And he is satisfied that Bitcoin — similar to gold — is usually a retailer of worth, particularly in hyperinflationary financial environments. Because of this, Bitcoin presents some shocking draw back threat safety for traders.
There’s yet another facet of Bitcoin that appeals to Cuban, its skill to operate as a worldwide digital forex. The truth is, Cuban has recommended that Bitcoin might ultimately operate as a world reserve forex, a lot because the U.S. greenback does right now. If that is the case, then it will dramatically enhance worldwide demand for Bitcoin, creating new upward worth strain for years, if not many years, to come back.
Cuban is so bullish on Bitcoin, actually, that he is now one of many leaders of Crypto4Harris, a unfastened coalition of tech traders and Silicon Valley entrepreneurs who’re backing a pro-crypto technique for Vice President Kamala Harris. Cuban has even recommended that he’d be prepared to function the brand new head of the SEC in a Harris administration.
The case towards shopping for Bitcoin
However remember that just some years in the past, Cuban was a Bitcoin skeptic. In 2019, he famously recommended that he’d reasonably purchase bananas than Bitcoin. That is as a result of he did not see any apparent utility for Bitcoin. At the very least with bananas, there’s the plain dietary worth. “I might eat bananas — Bitcoin, not a lot,” he remarked on the time.
Cuban confessed that he did not see the purpose of shopping for crypto in any respect. For him, shopping for Bitcoin was very similar to investing in baseball playing cards or comedian books. Positive, the digital asset may need worth for die-hard fans, however what about for everybody else? Bitcoin, he mentioned, merely did not have any intrinsic worth, and that made it laborious to belief. In case you’ve ever puzzled why somebody would pay $1 million for a uncommon baseball card, you’ve got additionally most likely puzzled why somebody would pay $1 million for a single Bitcoin.
All of which is to say that many traders nonetheless query whether or not Bitcoin is a “residence run” funding. In 2019 — simply two years earlier than Bitcoin went on to hit a then-all-time excessive of $69,000 — issues weren’t apparent in any respect. Even right now, it is nonetheless not apparent whether or not Bitcoin will ever break by the $100,000 worth level.
So earlier than you resolve to observe Cuban and purchase Bitcoin, it’s essential to be comfy with its worth as a digital asset. In case you do not “get” how Bitcoin might reshape the trendy world monetary system, then it won’t be for you.
Buy Bitcoin for the long run?
On the finish of the day, I am following Cuban. He is taking a look at Bitcoin from the attitude of a enterprise capitalist and a tech entrepreneur. If he likes what he sees now after having been a crypto skeptic, then that makes me far more comfy investing in Bitcoin as effectively.
Now that Bitcoin has formally tipped into the cultural zeitgeist and develop into a presidential marketing campaign problem, it is simple to see Bitcoin going much more mainstream over the subsequent 4 years. Who is aware of? If Cuban ultimately finally ends up heading the SEC, then we’d simply be firstly of a protracted, thrilling run for Bitcoin.
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Dominic Basulto has positions in Bitcoin. The Motley Idiot has positions in and recommends Bitcoin. The Motley Idiot has a disclosure policy.
Should You Follow Billionaire Mark Cuban and Buy Bitcoin? was initially revealed by The Motley Idiot