In anticipation of the market debut of cryptocurrency exchange Coinbase, bitcoin hit a record high of over $64,000 Wednesday morning, according to data from Coin Metrics, although it settled at around $62,000 by 4:45 p.m. EST.
But billionaire investor Mark Cuban doesn’t think this surge will be the peak for bitcoin.
“It’s not inconceivable that the number of people that own [bitcoin] could more than double,” Cuban told CNBC Make It just before Coinbase went public.
Although, “[t]hat’s not to say the price won’t increase in volatility and/or go down in price significantly,” he says, “but the opportunity for it to go much higher certainly exists and I think over the long-term, it’s the more likely case.”
Cuban has been at the forefront of the recent wave of interest in cryptocurrencies and blockchain technology. Personally, Cuban has a portfolio of bitcoin, Ethereum and other digital coins (and he has a Coinbase wallet); he owns crypto-assets, like NFTs, or nonfungible tokens; and he has invested in companies in the space. For example, he invested in NFT marketplace Mintable in March and bought Coinbase shares on Thursday, he said.
Like other supporters of bitcoin, Cuban sees the cryptocurrency a store of value that will appreciate over time – some bitcoin evangelists even predict the cryptocurrency will hit $300,000 by year-end.
“The price of [bitcoin] is built on supply and demand,” Cuban says, as there is a finite supply of bitcoin available due to