The Collapse of FTX: Mark Cuban Says of Crypto “… It Doesn’t Change The Underlying Value”
After the epic collapse of FTX, and a drop in Bitcoin from $21k to $16k, billionaire investor, Mark Cuban, believes there is still a lot of value in the crypto industry.
An investor in multiple cryptocurrency projects, Cuban told TMZ of the recent FTX debacle “Separate the signal from the noise. There’s been a lot of people making a lot of mistakes, but it doesn’t change the underlying value.”
The fall of FTX sent shockwaves through the crypto industry, yet little has been written about the underlying value of crypto assets through this storm. The focus has been on offshore entities and their potentially fraudulent activities involving a legitimate technology, as well as highly leveraged crypto lenders tied to the FTX contagion.
According to TheStreet.com, “Billionaire Mark Cuban has not lost faith, though. He continues to believe in the industry and assures that there is still a lot of value in the sector, despite the fall of FTX. He believes that crypto has its place and that you just have to look at the big picture.”
Through all of the turmoil of crypto winter, and the recent crypto controversies, Bitcoin blocks continue to be mined and the network carries on, business as usual.
Cuban believes that so long as consumers have viable, legitimate crypto options, he doesn’t’ foresee cryptocurrency going away.
In fact, he compared the current state of the crypto industry to the mid 1990’s audio streaming business saying “The best analogy I can use is the early days of streaming. {What} people had to do to listen to a 16k stream of music was insane…
“An internet subscription for your dial up modem. Download the provider client. Download a tcp/ip client. Download the streaming client, click on a batch file on a website. Make sure it all worked together. All while being laughed at for just not turning on your radio or tv.”
Today, hundreds of millions of us stream music, video, podcasts and more. If Cuban is right, cryptocurrency could eventually be just as widespread, and commonplace as your favorite YouTube channel.
Read more of Mark Cuban’s comments on TheStreet.com, HERE