Many investors are worried about the decline in crypto markets. Multiple analyses have shown that the current price drop is amongst the most severe in recent history. With many losses and panic selling from traders, the crisis continues to rage. Many people have ideas to help the crisis.
Mark Cuban’s statement about the bear market was one of the most popular reports. Cuban is a well-known investor on Shark Tank. He believes in applications. His solution was to put more emphasis on the utility of applications.
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A billionaire believes applications that provide utility will bring about change in the market’s stance. The majority of applications currently available are focused on financial technology or collectibles. But in Cuban’s opinion, the market needs a different spark that business-focused apps could bring.
Cuban gave an example of the QuickBooks decentralized brand. Cuban stated that an accounting software management system that was business-based made a big difference. He argued, therefore that the same projections in crypto markets would help lift the bearish trends.
Cuban featured in the Bankless Podcast episode of June 23, When asked about the long-term crypto bear market, the billionaire replied that it would be there until a catalyst emerges.
Cuban says that the catalyst must be an application. Otherwise, prices will drop even further. Cuban said that up to 80 percent of the funds from his non-Shark Tank investments were in crypto.
Cuban Said Crypto Market Still Is Not Cheap
In Cuban’s opinion, the crypto market is yet to reach its low price. This is contrary to many predictions about BTC and other cryptocurrency tokens. Numerous analysts already believe that digital assets are at the bottom.
Cuban radiologists have seen the market caps for many crypto protocols. However, they state that these protocols are not inexpensive. According to him, market caps that are worth billions in dollars are expensive. DeFi Summer saw most protocols record market caps in the hundreds of millions.
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They also had token prices that were only pennies. However, he complained that there was no utility despite low market cap.
Cuban explains that he anticipates the growth of a strong crypto industry via mergers between blockchains and protocols. To him, it’s a great consolidating move that could occur in any industry.
Cuban chose DeFi carbon offset tokens to make a decision based on how optimistic he was with different tokens. According to him, it’s a measure to offset his carbon footprint when he burns them.
Featured Image from BBC. Chart by TradingView.com