Mark Cuban: The bear market will survive until cryptocurrency apps are really useful The Ecoinomic

The billionaire investor said a greater focus on apps and utilities outside of finance will give the cryptocurrency space more and could reverse declining market movements.
Mark Cuban, the billionaire entrepreneur best known for his role as one of the main investors of the reality TV show Shark Tank, said the cryptocurrency Bear market won't end until there's a better focus on apps with gadgets.

He also doesn't think the market has reached a cheap price.

Cuban has previously stated that about 80% of his Shark Tank portfolio is not cryptocurrency. Appearing on a June 23 episode of the Bankless Podcast, he was asked how long he believes the current cryptocurrency bear market will last:

"It lasts until there's a catalyst and that catalyst is going to be an app, or we're too low so people just say, "Damn, I'm going to buy some. "
He believes that a better focus on apps with gadgets will pull cryptocurrencies away from its decline, and with so many apps focused on Financial Technology or collectibles, the launch of a business-focused app will be one of the events that could cause a reversal for the market.

Using the example of "decentralized versions of Quickbooks," a small business accounting management software, Cuban predicted a sharp increase in user numbers if something similar came out.

Although analysts predict that the price of Bitcoin (BTC) as well as many other cryptocurrencies has bottomed out, Cuban said it is not yet cheap when analyzing the high Market Capitalization of some projects:

"You look at the market capitalization, and you see it's a billion dollars plus a market capitalization of either $6 billion or $8 billion or $40 billion. If you remember the DeFi summer, these sold for less than a penny and their market value amounted to hundreds of millions. "

The bear market will survive until cryptocurrency apps are really useful: Mark Cuban — The bear market will survive until cryptocurrency apps are really useful

He added that even with lower-cap cryptocurrencies there is no utility and gave the example of the token of the decentralized trading platform (DEX) SushiSwap (SUSHI) as a relatively cheap purchase with a market capitalization of $215 million, but added:

"You get paid if you're a liquidity provider, but then who's going to buy it from you? What is the reason to buy it from you? ”
Cuban believes that the consolidation between different protocols and blockchain will eventually see the consolidation of the cryptocurrency industry, as that's what happens in every industry.

I'd like to meet someone who says "let's do it again," with Cuban saying that he would support the consolidation of various blockchains, closing others and then moving applications and communities to just one and providing platform token transactions or bridges from closed blockchains to users switching through:

"Now all of a sudden your user base is up 10-fold, you're having problems with better applications, you still have to have some reasons for people to want to use that blockchain but at least you could have a better community to form ideas because otherwise you're gone."
With the cryptocurrency space having various sub-sectors such as grade 1, grade 2, (NFT) and DeFi tokens, Cuban was asked which areas he found most optimistic about.

Cuban said he was particularly interested in the carbon offset DeFi token, which he burns to offset his personal carbon emissions. He added that while not everyone is interested in offsetting their carbon emissions, it's the easiest way compared to buying carbon offsets from a broker, which he insists is a pain.

In the end, however, Cuban said, "They all have potential, which is why they get all this money, all of which has a reason why they think they're better and will succeed."