Cryptocurrency

Mark Cuban Says Bear Market Will Last Until There Is a 'Catalyst'

Which he believes could be a new application or a dip that causes everyone to buy.

Cryptocurrency

Mark Cuban Says Bear Market Will Last Until There Is a 'Catalyst'

Which he believes could be a new application or a dip that causes everyone to buy.

Billionaire investor Mark Cuban shared his thoughts on the current cryptocurrency landscape in an interview with crypto newsletter Bankless last week.

Cuban, who has invested in several crypto ventures and marketplaces like OpenSea, Mintable, and Nifty Gateway. said that if the markets turn around, it would require a “catalyst,” which he believes will come in the form of a new application of the current technology.

“[The bear market might last] until there’s a catalyst and that catalyst is going to be an application,” he said. “Or we get so low people go ‘f— it I’ll buy some,’” he said. Specifically, Cuban believes that consolidation of builders in the space may be what’s needed to advance the growth and development of more utility-driven applications of current technology.

He also pointed to a future where leading platforms in the DeFi, NFT, and broader Web3 space inevitably merge together, and in doing so provide better products.

“Now all of a sudden your user base is 10x, you still have a problem of better applications, you still have to have some reason people want to use that blockchain, but at least you may be able to have a better community to come up with ideas because otherwise you’re gone.”

Looking at the current price of assets in the market, Cuban acknowledged that they are still not “cheap” and that things could dip even further.

Ark Invest’s CEO Cathie Wood also recently shared her optimism toward future use cases for DeFi solutions, NFTs, and crypto, claiming that the upcoming technology will be “incredibly important.”

“We do believe that the three revolutions around crypto … are underway and that they will not be stopped,” she said.

In other news, lawyers airdropped an NFT to a hacker to serve them with legal documents.

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