Bitcoin Holders are a Great Example to follow, Mark Cuban warns Stock Traders
February 4, 2021 10:12 AM
Crypto-asset fan and Billionaire, Mark Cuban has seen a similar trend from the 2017 crypto bull run.
After 2017, Bitcoin continually sheds it's value with more crypto traders seeing a decline from $19k to $5k range, Billionaire Mark Cuban has likened the situation of stock traders to bitcoin holders, sighting endurance as a model which stock investors need to adopt.
He added: after acquiring the crypto asset at high prices in 2017, the Bitcoin holders "held on because they believe in the asset."
Long-term BTC holders were unmoved even in a situation where the crypto asset lost more that two thirds of it's value after the bull run ended. These remarks about bitcoin traders was as a result of giving advice to stock traders who incurred major losses last week.
Billionaire Mark Cuban who recently praised wallstreetbets (WSB) traders, he went further to explain the reason why stock traders needs to adopt a similar approach to his and the Bitcoin holders.
The billionaire added:
When I am buying a stock I make sure I know why I'm going buy it. Then I go in to Hold until I notice a change not necessarily in the price movement but in the logic that made me buy the asset, if then an unexpected change occur which might prompt me to look at selling.
However, Cuban also discusses the likely implications of WSB’s game-changing fight against the Wall Street powerhouses. Billionaire Cuban picked up one flaw that worked against the success of the rebellion. He further explains:
Robinhood and the other zero commission brokers are the only thing that messed you all up, stating they didn’t have enough capital to fund the fight. "They let you down in a big way."
Mark Cuban also believes in blockchain and emerging technologies replying a Reddit user, the billionaire said: " I think the next big thing would be built on the blockchain."