The Crypto market experienced one of the worst crashes of the year. It spiked concerns among investors and triggered panic sell-offs. Many people have come forward and presented solutions for the situation.
The statement of Mark Cuban has become viral in recent times. The Shark Tank star says the role of applications is going to be quite significant in recent times. The solution, he says, is the complete focus on application with utility.
The billionaire firmly believes that applications having utility would result in the turnaround of the current market stance. The majority of the applications are attracted to financial technology and collectibles. However, according to Cuban, the market needs something unique that only business-focused apps can bring.
Giving QuickBooks, a decentralized brand as an example Cuban explained that such an accounting management software which is based on business can incite a difference. Therefore he believes that a similar projection in the crypto market can change the bearish trend in the crypto market.
Cuban appeared in an episode of the Bankless Podcast on June 23 where he said that the bearish trend in the crypto market could last till the emergence of a catalyst.
Cuban says that to prevent the prices from falling any further, the crypto industry needs to adopt application as the catalyst. Cuban had around 80% of his non-Shark Tank funds in cryptocurrency, as per his earlier statement.
Crypto Market Is Still Not Cheap: Cuban
Cuban also believes that the crypto market has not yet reached its lowest, contrary to the predictions of BTC and other tokens. While many analysts have said that crypto assets have touched the bottom line.
Cuban says the market cap of the majority of crypto protocols is still not cheap. The Shark Tank Star didn’t think having market caps worth billions of dollars is not cheap, saying that most protocols had market caps within the cycles of hundreds of millions of dollars. Though, he still has issues with the lack of utility even with low market caps.
At last, Cuban through mergers of blockchain and protocols, Cuban expects a robust crypto industry. He thinks it’s an amazing consolidating move that the industry could have.
Source: https://www.thecoinrepublic.com/2022/07/02/shark-tank-star-says-cryptocurrencies-havent-reached-their-lowest-yet-applications-are-the-only-solutions-for-bear-market/