Mark Cuban is in the news again, and it isn’t good. The billionaire investor and owner of the Dallas Mavericks just saw his investment in a new alt-coin virtually vanish.
Max Keiser doesn’t mince words, explaining,
“The world is full of sharpies, and they’re looking for chumps, like Mark Cuban.”
Keiser gets personal, explaining,
“And he falls right into it. Because as I’ve said on this show and other shows for over a year now, narcissism and Bitcoin don’t mix.”
Alt-Coin Chaos as Billionaire Cuban Loses
On alt-coins, Keiser believes that,
“All of these so-called alt-coins including Ethereum… …they only exist to steal people’s Bitcoin.”
Keiser continues to be the ultimate Bitcoin bull despite its volatility of late.
According to CNBC and other sources, Cuban was personally invested in Titan, a DeFi token.
“Last week, a cryptocurrency token called titan dropped from a price of more than $60 to a few thousandths of a cent in the space of a few hours.”
“As titan’s value peaked, some decentralized exchanges were offering annual percentage yields of as much as 4,151,343,175%, according to a screengrab posted to Reddit — returns that were, unsurprisingly, too good to be true.”
The craze of cryptos is not over and continues to lure in all kinds of money (even from Billionaires) looking for gains. According to news.com.au,
“Cuban has not disclosed the amount he lost in the crash but told Bloomberg that his investment “wasn’t so big that I felt the need to have to dot every I and cross every T.”
Max and Stacey talk about Treasury bonds and the U.S. dollar. Then, Max goes after the Fed, whose balance sheet recently topped $8 trillion, and their unwillingness to raise rates.
On the Fed, Keiser states,
“They are basically in a position where it’s impossible to raise rates, but they will always threaten to raise rates. There is runaway inflation now, but they will never acknowledge it; in fact, they’ll call it deflation. And, the ten-year note is going to go under 1%.”
From alt-coin chaos to inflation, sky-high debt levels, and record low-interest rates, instability is everywhere. Max and Stacey continue to believe that the ultimate rug-pull is the real inflation crushing purchasing power and a U.S. dollar system on the brink.