Mark Cuban likens crypto crash to early internet

Mark Cuban has expressed confidence that the most recent crypto crash is a temporary lull that will pick back up, likening it to the internet in the early 2000s.

The value of Bitcoin (BTC) and Ether (ETH) has crashed to below $26,000 and $2,000 prompting widespread dump of currency in favor of FIAT, but according to the billionaire investor, this is just a temporary slowdown in the market and cryptocurrencies are very likely to start picking right back up.

He compared what was happening right now to the 2000s dotcom bubble and said that the new crypto industry is going through the same thing that the internet went through.

Back in the 2000s, people were just as snide about the potential of the internet to generate income for businesses. Then Amazon came around. The Shark Tank investor is confident that the initial surge will slow down a little now, as this is only the first phase of the crypto industry.

However, cryptocurrencies and blockchain will emerge from this phase and head back up for profitability. Cuban does caution that the businesses to show the most resilience in the end would be those who are building original products, not simply imitating others.

He spoke about the importance of DeFi applications, NFTs, DAOs and other worthwhile inventions based on blockchain technology.

Cuban is a firm believe that this is just a phase and that cryptocurrencies will pull through it once the market frenzy settles down. “It took time before bandwidth became available and cheap enough so that streaming and cord-cutting could really happen”, Cuban argued and added that it was precisely what was happening now.

As you wait the crypto market to settle down a little, you can always enjoy your time with crypto at 1xBit, FortuneJack or Bitcasino.io.

Looking for your next crypto casino? Check out: Bitcasino, 1xBit or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

Similar News

Crypto.com partners with Coca-Cola for FIFA World Cup Qatar...

05/12/2022|16:00

Singapore-based crypto exchange Crypto.com has teamed up with Coca-Cola and digital artist GMUNK to create a series of NFTs celebrating...

Crypto.com suspends BNB Chain deposits

05/12/2022|15:25

Singapore-based cryptocurrency exchange Crypto.com has suspended access to BNB Chain deposits. The move includes suspending all BEP-20 tokens, BNB, BUSD,...