Mark Cuban compared the latest Bitcoin and altcoin crash to Warren Buffett’s market commentary. He also shared his thoughts on cryptos that will survive and disappear during this period. Here are the comments of the billionaire name Cuban…
Mark Cuban believes in the sustainability of disruptive technologies
Cuban said he believes innovation will emerge from the current bear market in cryptocurrency, despite widespread pessimism in the industry. According to Cuban, whether in stocks, cryptocurrency or any other industry; Disruptive applications and technologies developed during a bear market will always find a market and evolve. Ethereum maximalist and Dallas Mavericks owner Mark Cuban recently told Fortune:
In stocks and crypto, you’ll find companies that survive on cheap and easy money but without viable job prospects will disappear. As Buffett said, ‘When the storm comes down, you see who’s swimming naked’. Whether it’s stocks, crypto or any business, disruptive apps and technology released during a bear market will always find a market and be successful.
As we reported as Kriptokoin.com , the current crypto collapse started with the collapse of the Terra network. Following this, Celsius, a leading crypto lending firm, faced liquidity challenges as the market plummeted. After pausing withdrawals, Celsius Network may crash like Terraform Labs’ LUNA and UST. But experts and crypto researchers say Celsius Network has solved the liquidity problem.
Bitcoin, ETH and a few altcoins will live
Cuban is a passionate investor in cryptocurrencies and a self-proclaimed maximalist of Ethereum’s potential. He is an investor in a number of Blockchain startups. He also has investments in a small number of cryptocurrencies and NFTs. Mark Cuban has recently likened cryptocurrencies to the early days of the internet in terms of enthusiasm and skepticism. He also predicted a jolt in the cryptocurrency and supported immutable tokens (NFTs).
The investor from Shark Tank and owner of the Dallas Mavericks drew a comparison between the dot-com craze of the 1990s and the cryptocurrency craze of today. According to him, a slowdown in the market will help rein in excessive advertising and speculation. It will also help decentralized finance (DeFi), smart contracts and other real prospects stand out from the rest of the competition. Cuban uses the following expressions:
Crypto trading is like an internet stock bubble. DEFINITELY. I think BTC, ETH and a few cryptos; It will look like those built in the dot-com era like AMZN, EBay, and Priceline, surviving the bubble and thriving.
Finally, Cuban said about market conditions that investors may need to see more correlations between various macro indicators. Higher interest rates (the US Federal Reserve and the Bank of England are raising rates this week) could mean more pain.
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