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Billionaire entrepreneur and former crypto supporter Mark Cuban said in a recent interview that he sees the current market as a bubble, though unlike the internet bubble, nearly all assets are now trading like meme stocks, including Bitcoin.
Cuban said stocks such as Micron, Google and Apple are all trading like meme stocks, pointing to sharp price swings on minor news. He said a stock can fall 18% simply because a company misses market expectations by one cent, even though the company’s intrinsic value has not changed by 18%.
He added that investors are no longer buying based on the net present value, or NPV, of future cash flows, but are instead trading stocks like collectible baseball cards. For that reason, Cuban said he views the current stock market as a bubble, while adding that he does not know what will cause it to burst.
Separately, Cuban said in May that he had sold most of his Bitcoin holdings after concluding that cryptocurrencies were not properly serving as a hedge against declines in fiat currency values and geopolitical instability.