Better focus on applications with utility will get crypto out of bear market, says Mark Cuban
Shark Tank fame Mark Cuban expressed his views about the bear market, saying, “It lasts until there's a catalyst, and that catalyst is going to be an application."
Billionaire and Shark Tank fame Mark Cuban on Wednesday said that the crypto bear market will last until there’s a better focus on applications with utility.
As reported by CoinTelegraph, Mark Cuban expressed his views about the bear market, saying, “It lasts until there's a catalyst, and that catalyst is going to be an application."
Previously, the serial entrepreneur had pointed out how Bitcoin was frequently compared to gold for its utility, and he believes the asset class will survive the crisis.
Last week, Cuban said the "recent bull market fostered an environment for companies that didn't actually have valid business prospects to stick around longer than they should have." He added that a decline in prices could be healthy and essential for eliminating weak business in the market.
Unlike Michael Saylor and Barry Silbert, others, Microsoft Co-founder Bill Gates and American business magnate Warren Buffett frequently oppose the crypto sector.
Recently, Bill Gates criticised crypto initiatives, including non-fungible tokens (NFTs), as shams based on the 'greater fool theory.' While Warren Buffett in April said he doesn't believe in Bitcoin as it doesn't produce anything.
Billionaires Elon Musk and Mark Cuban have been vocal advocates of cryptocurrencies. Earlier last month, Cuban had said that about 80 percent of his non-Shark Tank investments are in cryptocurrencies."
In 2021, Cuban grabbed headlines for announcing that his National Basketball Association (NBA) team, the Dallas Mavericks, would accept Dogecoin for merchandise and tickets.
(This copy was updated with a spelling correction.)
Edited by Suman Singh