MARK CUBAN, OWNER OF THE DALLAS MAVERICKS IS A CRYPTO INVESTOR
Although he does not speak strongly of the evangelist, millionaire Mark Cuban has invested in the industry. He believes in its future.
But Cuban, as a seasoned investor, has also maintained all his understanding. In a recent interview with Fortune, a billionaire businessman said the current crisis in the crypto space would make it possible to solve existing projects that were not supported.
"In stocks and crypto, you'll see companies that are kept cheap, easy - but have no viable business prospects - will disappear," Cuban said. "As [Warren] Buffett says, 'When the wave comes out, you get to see who's naked.'
Bitcoin, the king of cryptocurrensets, has lost more than 70% of its value since November 10, the day of its total high of $ 69,077.44. The most popular cryptocurrency currently trades for about $ 20,657.77, according to data company CoinGecko.
Ether, the second-largest digital currency in the market, fell 77.6% from November 10 when prices reached $ 4,878.26. Ether is currently at $ 1,094.06.
The fall is explained by fears of an economic downturn that forces investors to complete risky assets and the Federal Reserve is pushing up its prices to fight inflation at the highest level in 40 years.
But this is also due to internal scandals in the crypto industry. In May, UST and Luna's sisters' tokens suddenly crashed, causing at least $ 55 billion to disappear, after UST lost its peg to its dollar, its base became as stablecoin - a cryptocurrency tied to stable assets like the US Dollar. or gold.
UST is an algorithmic stablecoin, which is not supported by a dollar reserve but rather by its sister Luna, which had to be burned, or permanently discarded, by computer code.
Cuban Always Believer Crypto
A month later, the crypto lender Celsius Network immediately suspended the withdrawal of funds in its place. Since then rumors have been circulating that he has not paid for the company. Celsius is silent on the rumors.
Despite the bad news, Cuban remains optimistic about the future of the crypto industry.
"Disruptive applications and technologies released during the bear market, whether stock or crypto or any other business, will always find a market and succeed," he told Fortune.
He also said cryptocurrencies are related to Nasdaq. Tech and Bitcoin stocks have gone hand in hand recently.
"If prices go up, it will be difficult to get to the price," Cuban said. "The exception, as in stocks, is for new apps that change the game."
Cuban calls himself Ethereum maximalist, which means he prefers the stage over other Blockchains.
The millionaire loves Ethereum because it is a widely used blockchain, and the platform has smart contracts, part of a computer code that determines transactional terms (loans, trading, etc.) and does not rely on any third party.
"Every crypto investor or speculator should use these 4 factors to understand the risk of any token," the Cuban wrote on Twitter on June 10.
He also owns some cryptocurrencies and immovable tokens (NFTs).