The declining crypto market has raised lots of concerns among investors. Through several analyses, this prevailing price fall seems to be the worst in history. The crisis keeps raging with numerous losses recorded and more panic sell-off from traders. As a result, many people present ideas that could yield solutions to the situation.
One of the trending reports is the statement of billionaire entrepreneur Mark Cuban concerning the bear market. Cuban, popularly known as the top investor in Shark Tank, a reality TV show, believes in the role of applications. He mentioned that proper focus on applications with utility is the solution.
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The billionaire is convinced that applications with utility would create a turnaround in the prevailing market stance. Currently, most of the applications are geared toward collectibles and financial technology. But in Cuban’s opinion, the market needs a different spark that business-focused apps could bring.
Cuban cited an instance with the decentralized brand of QuickBooks. According to him, such an accounting management software that is business based created a difference. Hence, he argued that a similar projection in the crypto market would lift the bearish trend.
The Bankless Podcast episode on June 23 featured Cuban. While answering the question on the lasting period for the crypto bear market, the billionaire stated it would continue till the emergence of a catalyst.
According to Cuban, that catalyst has to be an application; otherwise, prices would get even lower. In his past statement, Cuban had kept up to 80% of his non-Shark Tank funds in cryptocurrency.
Cryptocurrency market falls by 5% on the day chart | Source: Crypto Total Market Cap on TradingView.com
Cuban Said Crypto Market Is Still Not Cheap
In Cuban’s opinion, the crypto market is yet to reach its low price. This contradicts most of the predictions for BTC and other crypto tokens. Many analysts have already concluded that digital assets have reached the bottom line.
Cuban x-rays the high market cap for most crypto protocols while stating they are still not cheap. To him, having market caps worth billions of dollars is not cheap. He mentioned that during DeFi Summer, most protocols recorded market caps within the cycles of hundreds of millions of dollars.
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Also, their token prices were just around a few pennies. But he still complained about the lack of utility even with low market caps.
In further explanation, Cuban anticipates a robust crypto industry through mergers of blockchains and protocols. To him, it’s a great consolidating move that could occur in any industry.
When it comes to making a choice based on his optimism in different tokens, Cuban went for carbon offset DeFi tokens. According to him, it’s a measure to offset his carbon footprint when he burns them.
Featured image from BBC, chart from TradingView.com