Mark Cuban Thinks The Bear Market Will Highlight Quality Projects
Billionaire crypto enthusiast, Mark Cuban argues that the current crisis in the crypto market is an opportunity to screen reputable projects. He also hasn’t lost his optimism about his portfolio.
According to statistics from CoinMarketCap, there are about 20,000 cryptocurrencies listed. However, not all cryptocurrencies are appreciated. In the context of the entire market bleak, billionaire Mark Cuban suggested a more positive direction.
In an interview, billionaire Mark Cuban emphasized the following to Fortune magazine:
“In stocks and crypto, you will see companies that were sustained by cheap, easy money—but didn’t have valid business prospects—will disappear.”
The owner of the NBA team, Dallas Maverick, and an investor on Shark Tank believes that the crypto winter will have the effect of spurring innovation to emerge from the recession, and crypto is correlated especially with Nasdaq. This is similar to the folk saying ‘time creates heroes’ from the ancients.
In late May, Mark Cuban noted that he was “never sympathetic” to the LUNA and UST projects. Therefore, he ruled out investing in Terra 2.0. At that time, upgraded version 2.0 was supported by the Decentralized Autonomous Organization (DAO).
Previously, Mark Cuban said that he invests 80% of his money in crypto. Specifically, he once said: “The investments I am making now are not traditional businesses.” Additionally, the Dallas Mavericks (owned by Cuban) accept DOGE for payments. He even thinks that DOGE is the “strongest” cryptocurrency for a medium of exchange.
The billionaire revealed that there is a correlation between Bitcoin (BTC) and tech stocks. Specifically, Mark Cuban admits that “they’ve been moving in tandem lately.” This explains the impact on the cryptocurrency’s all-time high. Therefore, he is not pessimistic about the correction of Bitcoin and Ethereum.
“Disruptive applications and technology released during a bear market, whether stocks or crypto or any business, will always find a market and succeed.”
At the beginning of the year, Cuban said he was interested in Decentralized Autonomous Organizations. He predicts in June 2021 that DAOs set the trend in the future. Because DAOs are entities on a blockchain that are managed by governance token holders.
In the past, billionaire Mark Cuban has revealed his investment formula. Specifically, Cuban’s cryptocurrency is split by 60%, 30%, and 10% for BTC, ETH, and altcoins respectively.
Altcoins Cuban invests in may include Ocean, Audius, and Wrapped Ethereum. He advises that the utility of the token should be established prior to investment because utility drives value creation.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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