Mark Cuban the Next Billionaire to Go All in on Bitcoin: ‘The Number of People Who Own It Could More Than Double’

Cryptocurrencies have been surging recently, but billionaire investor Mark Cuban doesn’t think they’ve reached their full potential just yet, stating, “It’s not inconceivable that the number of people that own [bitcoin] could more than double.”

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Cuban said in a conversation with CNBC, “The price of [bitcoin] is built on supply and demand … We know what [the] supply is. There is no reason for the demand not to increase.” Cuban is referring to the finite supply of Bitcoin.

CNBC adds that Cuban owns a portfolio of Bitcoin, uses a Coinbase wallet and purchased Coinbase during its IPO the other day. Crypto currencies have been backed by other big names as well, with Elon Musk,  Jack Dorsey and Richard Branson among its supporters.

Elon Musk has long been a supporter of purchasing bitcoins, so much so that Tesla announced the purchase of $1.5 billion in BTC, making up 7.7% of Tesla’s gross cash holdings and about 15% of its net cash position, according to CoinMarketCap.

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Twitter CEO Jack Dorsey’s payment giant Square announced in October 2020 that it had bought 4,709 bitcoins. Square also made Bitcoin payments available on the cash app,

Richard Branson was an earlier investor of the currency and joined a $30 million funding round of BitPay, a Bitcoin payment processing platform, back in 2014, CoinMarketCap reports.

Opinions are mixed on Wall Street. Citibank recently released a statement saying Bitcoin “may be optimally positioned to become the preferred currency for global trade,” while French asset manager Amundi warned of steep price adjustments given the possibility of regulatory restrictions to come, the Financial Times reports.

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About the Author

Georgina Tzanetos is a former financial advisor who studied post-industrial capitalist structures at New York University. She has eight years of experience with concentrations in asset management, portfolio management, private client banking, and investment research. Georgina has written for Investopedia and WallStreetMojo. 

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