Mark Cuban Claims Bear Market Will End After Crypto-Apps Become Handy
July 01 2022 - 7:00AM
NEWSBTC
The declining crypto market has raised lots of concerns among
investors. Through several analyses, this prevailing price fall
seems to be the worst in history. The crisis keeps raging with
numerous losses recorded and more panic sell-off from traders. As a
result, many people present ideas that could yield solutions to the
situation. One of the trending reports is the statement of
billionaire entrepreneur Mark Cuban concerning the bear market.
Cuban, popularly known as the top investor in Shark Tank, a reality
TV show, believes in the role of applications. He mentioned that
proper focus on applications with utility is the solution. Related
Reading | Extreme Fear Remains: Recapping What’s Behind The
Crypto Market Panic The billionaire is convinced that applications
with utility would create a turnaround in the prevailing market
stance. Currently, most of the applications are geared toward
collectibles and financial technology. But in Cuban’s opinion, the
market needs a different spark that business-focused apps could
bring. Cuban cited an instance with the decentralized brand of
QuickBooks. According to him, such an accounting management
software that is business based created a difference. Hence, he
argued that a similar projection in the crypto market would lift
the bearish trend. The Bankless Podcast episode on June 23 featured
Cuban. While answering the question on the lasting period for the
crypto bear market, the billionaire stated it would continue till
the emergence of a catalyst. According to Cuban, that catalyst has
to be an application; otherwise, prices would get even lower. In
his past statement, Cuban had kept up to 80% of his non-Shark Tank
funds in cryptocurrency. Cuban Said Crypto Market Is Still Not
Cheap In Cuban’s opinion, the crypto market is yet to reach its low
price. This contradicts most of the predictions for BTC and other
crypto tokens. Many analysts have already concluded that digital
assets have reached the bottom line. Cuban x-rays the high market
cap for most crypto protocols while stating they are still not
cheap. To him, having market caps worth billions of dollars is not
cheap. He mentioned that during DeFi Summer, most protocols
recorded market caps within the cycles of hundreds of millions of
dollars. Related Reading | Mining Operators Fret As Bitcoin
Looses Ground, What Lies Ahead For The Mining Community Also, their
token prices were just around a few pennies. But he still
complained about the lack of utility even with low market caps. In
further explanation, Cuban anticipates a robust crypto industry
through mergers of blockchains and protocols. To him, it’s a great
consolidating move that could occur in any industry. When it comes
to making a choice based on his optimism in different tokens, Cuban
went for carbon offset DeFi tokens. According to him, it’s a
measure to offset his carbon footprint when he burns them. Featured
image from BBC, chart from TradingView.com
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