Billionaire Mark Cuban Still Bullish On Crypto Despite FTX Collapsed

NBA Dallas Mavericks owner Mark Cuban on Saturday said he isn’t giving up on crypto just because of the collapse of crypto exchange FTX. He believes FTX former CEO Sam Bankman-Fried may go to jail, but the crypto industry still has a lot of underlying value. On Monday, Mark Cuban started unfollowing many crypto Twitter accounts, with some believing that he is distancing himself from crypto.

Mark Cuban Isn’t Giving Up On Crypto

Although the collapse of FTX has impacted investors and crypto companies, billionaire Mark Cuban still believes in crypto. Mark Cuban believes there’s still a lot of underlying value despite the collapse of crypto exchange FTX, reported TMZ Sports on November 26.

“Separate the signal from the noise,” Cuban said. “There’s been a lot of people making a lot of mistakes, but it doesn’t change the underlying value.”

He strongly believes in the cryptocurrency industry and remains confident about opportunities in the industry despite difficult times. Mark Cuban doesn’t foresee the currency going to crash as long as consumers have viable options in the crypto world.

Commenting on Sam Bankman-Fried, Cuban thinks jail time is imminent for the 30-year-old former FTX CEO. He believed Sam Bankman-Fried was wise, but never thought he would misappropriate customers’ funds for his personal use.

“I don’t know all the details, but if I were him, I’d be afraid of going to jail for a long time,” Cuban said. I talked to the guy and thought he was smart.”

When asked about Elon Musk and his impact on Twitter, Cuban says Elon Musk has indeed improved user experience after acquiring Twitter.

On Monday, Mark Cuban started unfollowing many prominent crypto Twitter accounts including Nansen, Uniswap, Solana, DeFi Pulse, Dapper Labs, and MetaMask. Rumors started to spread that he is leaving the crypto space after FTX collapsed. Cuban has invested in many crypto projects including KlimaDAO, Mintable, DeFi Alliance, OpenSea, CryptoSlam, Zapper, Polygon, and Arbitrum.

Crypto Market Recovers Gradually

The crypto market gradually recovers from the FTX contagion as industry leaders push confidence in the investors.

Bitcoin and Ethereum have recovered, with the current price holding over $16.5k and $1.2k. Altcoins such as Dogecoin, XRP, BNB, and others saw a nearly 5% upside move in the last 24 hours.

Also Read: Binance CEO “CZ” Reveals Wallet Transparency To Answer “Proof Of Reserve” Jab

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.