Mark Cuban, the billionaire Shark Tank star, said the crypto bear market won’t come to an end until there’s a better use for blockchain applications.
He added he doesn’t think the market has reached “cheap” prices yet.
Cuban has said in the past around 80% of his non-Shark Tank portfolio was in crypto. Appearing on a June 23 episode of the Bankless Podcast, he was asked how long he believes the current crypto bear market will last:
“It lasts until there’s a catalyst and that catalyst is going to be an application, or we get so low people go ‘fuck it I’ll buy some.’”
He said that a better focus on applications with utility will pull crypto from the bloodbath and with so many apps focused on financial technology or collectibles, the launch of a business-focused application could spark a reversal for markets.
Pointing to the example of a “decentralized version of Quickbooks,” a small business accounting management software, Cuban predicted a rush of users if something like that launched.
Despite analysts predicting that Bitcoin (BTC) as well as many other cryptocurrencies have hit a price bottom, Cuban says “it’s not cheap yet” when analyzing the high market capitalization of some projects:
