Marc Cuban Praises Warren Buffet’s Wisdom
The cryptomarket’s meltdown is making waves in the community, resulting in comments from big shots like Marc Cuban.
In an interview with Fortune, the celebrity investor, owner of Dallas Mavericks, and self-proclaimed Bitcoin maximalist noted that many projects will be put out of business shortly due to inherently poor business concepts.
In stocks and crypto, you will see companies that were sustained by cheap, easy money—but didn’t have valid business prospects—will disappear. Like Warren Buffett says, "When the tide goes out, you get to see who is swimming naked",he underscored.
Unlike Buffet, however, Cuban is a committed cryptocurrency investor and bull with a strong preference for Ethereum over Bitcoin. The legendary CEO of Berkshire Hathaway has lambasted crypto on numerous occasions, saying that it is void of value, while also describing it an enticing scam.
Looking ahead, Cuban noted that although the market is underperforming, he believes that new innovative projects will emerge soon.
“Disruptive applications and technology released during a bear market, whether stocks or crypto or any business, will always find a market and succeed,” he noted, adding that cryptocurrencies are related to the Nasdaq, as exemplified by tech stocks and Bitcoin moving in tandem. “If rates go up, it will struggle till it’s priced in. The exception, as with stocks, is for new, game-changing applications.”
The crypto market’s turmoil has been augmented by the collapse of the Terra ecosystem, with TerraUSD (UST) and cryptocurrency Luna (LUNC) effectively becoming worthless overnight. The Celsius Network’s withdrawal limits have sparked concern that it might be edging toward bankruptcy, affecting millions of investors worldwide.
