Sunday, March 3, 2024

Bear Market Will Go On Until Crypto Apps Become Useful: Mark Cuban

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According to billionaire investor Mark Cuban, the Bear market will go on until there are crypto apps that are actually useful beucase they will bring more to crypto and can reverse the declining market so let’s see more in today’s latest crypto news.

The billionaire investor Mark Cuban is known for his role as the main investor on the reality TV show Shark Tank who said the bear market will not be over until there’s a better focus on apps with utility. Cuban stated in the past that around 80% of his non-Shark Tank Portfolio was in crypto and he was asked how long he believes the current bear market will last:

“It lasts until there’s a catalyst and that catalyst is going to be an application, or we get so low people go ‘fuck it I’ll buy some.’”

He believes a better focus on apps with utility and pulls crypto from the crash and with so many apps focused on the financial technology or collectibles and the launch of business-focused apps will be one of such events that can spark a reversal for the markets. Using the example of a decentralzied version of Quickbooks, and accounting management software, Cuban predicted a rush of users if something like this is ever launched. Despite analysts predicting that BTC as well as other cryptocurrencies hit a bottom, Cuban said that it is not there yet:

“You look at the market caps, and you see it’s a billion-dollar-plus market cap of $6 billion or $8 billion or $40 billion you don’t look at that and go ‘that’s cheap.’ If you remember back to DeFi Summer, these things were selling for less than a penny and their market caps were in the hundreds of millions.”

Dallas Mavericks owner, Mark Cuban

He added that with the low market cap cryptos, there is no utility and gave the example of SushiSwap and its token which is cheap to buy with its $215 million market cap:

“You get paid it if you’re a liquidity provider, but then who’s going to buy it from you? What’s the reason to buy it from you?”

Cuban thinks mergers between different protocols and blockchains will see the crypto industry consolidate as that is what happens in each industry. Cuban also said he will support the merge of various blockchains and move applications and communities over to just one and then offer a token exchange from closing the blockchains and port users over:

“Now all of a sudden your user base is 10x, you still have a problem of better applications, you still have to have some reason people want to use that blockchain but at least you may be able to have a better community to come up with ideas because otherwise you’re gone.”

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