The markets are down, and the crypto market is seeing the same negative impact.
One of the main reasons is the increasing panic that’s created worldwide about the spread of the new coronavirus and the terrible economic effects.
For instance, in Italy, chaos is surging as the whole country is marked red and quarantined.
Bitcoin’s intrinsic value is debated
The billionaire entrepreneur Mark Cuban said that he believes Bitcoin (BTC) has no inherent value, but the technology that powers the coin could be revolutionizing.
During a new episode of Ask Mr. Wonderful with Kevin O’Leary, Cuban said he sees a massive difference between cryptos and the underlying blockchain technology.
Regarding Bitcoin, Cuban says he views it simply as a collectible.
“You have to ask how to value it, and people value it in different ways, particularly Bitcoin. So with Bitcoin, some people value it as a store of value, which makes it like baseball cards, art, gold. They have value because people see value in them, not because they have intrinsic value,” he said.
Cuban stated for a while now that believes Bitcoin will not go mainstream because it’s too difficult for the average person to use, according to the reports coming from the online publication the Daily Hodl.
When he was asked if he likes gold better than crypto, Cuban says he prefers neither.
“I’ve never been a gold fan because, as I said, the delta between intrinsic and trading value is what people invest and see in it. But it’s no different than tulips. It’s no different than baseball cards,” he explained.
You should check out the video above and the original article by the Daily Hodl in order to learn more details.
At the moment of writing this article, Bitcoin and the altcoins are trading in the red amidst the increasing global fears involving the new coronavirus and due to other factors that are triggering the price drops.