Billionaire investor, Mark Cuban, said a possible reverse of the declining crypto market would only happen when there is more focus on applications and utility. Cuban is known as one of Shark Tank's– a reality TV show– major investors. Interestingly, he believes that cryptocurrencies are yet to hit "cheap" prices.
According to Cuban, 80% of his portfolio that isn't related to Shark Tank was in cryptocurrency. He appeared on the June 23rd Bankless Podcast episode, where he responded to a question on his opinion on the length of the crypto bear market.
Cuban responded by saying,
It lasts until there's a catalyst, and that catalyst is going to be an application, or we get so low people to go 'fuck it, I'll buy some.
The billionaire investor believes if the focus is on applications that have utilities, crypto will be saved with the bearish market condition. Also, according to him, if crypto apps focus on collectibles or financial technology, business-focused apps will reverse the declining market. Additionally, he cited an instance of QuickBooks but a decentralized version. He said users would flock to it if something like that is launched in the crypto space.
Learn how to survive the bear market.
Furthermore, although crypto analysts predicted that BTC and other crypto coins have reached their lowest point, Cuban, when looking at some crypto projects with high marketcap, thinks,
it's not cheap yet.
He said,
You look at the market caps, and you see it's a billion dollar plus market cap or $6 billion or $8 billion or $40 billion. You don't look at that and go 'that's cheap.' If you remember back to DeFi Summer, these things were selling for less than a penny and their market caps were in the hundreds of millions.
Further, Cuban strongly believes that emerging similar protocols and blockchain will help the crypto space stand firmer. He believes that when blockchains merge, they will port communities in a place and offer better services, making the providers work more efficiently, and customers support the project.
Cuban was also asked what project he was most optimistic about among Defi token, NFT, and Layer 1 and Layer 2 projects. He was clear that he was particular in carbon offset Defi tokens. However, he still believes that other crypto spaces have the potential to succeed.