Mark Cuban predicted the collapse of inefficient crypto companies amid falling market
In this, the billionaire expects the emergence of breakthrough technologies in the industry, which are being worked on precisely when the bearish trend is prevalent
17.06.2022 - 12:35
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2 min
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What’s new? Billionaire Mark Cuban believes that the downturn in the digital assets market has made investors fear what is to come. Speaking about the stock and cryptocurrency markets, he said that “companies that were sustained by cheap, easy money — but didn’t have valid business prospects — will disappear.” In an interview with Fortune, Cuban added:
“Like Warren Buffett says, ‘When the tide goes out, you get to see who is swimming naked.’”
What else did Cuban say? According to the billionaire, the recession will have a cleansing effect on the digital assets market. In addition, Cuban believes that it is during the prevailing bearish trend that the industry expects the emergence of breakthrough applications and technologies.
Mark Cuban is an American entrepreneur and billionaire, owner of the Dallas Mavericks basketball club. As of 2022, his fortune is estimated at $4,7 billion, according to Forbes.
Earlier, Cardano (ADA) founder Charles Hoskinson said that the bearish trend allows him to focus on improving the network and interacting with the community.
Binance CEO Changpeng Zhao believes that the crypto winter is a great time for the development of the company. The exchange already opened 2000 new jobs and also plans new mergers and acquisitions (M&A).
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