Billionaire investor Mark Cuban recently spoke luck He said projects of no real value would disappear in the current market and destructive projects would grow.
He said:
“Equities and cryptocurrencies were backed by cheap and easy money, but companies that didn’t have a valid business outlook disappeared.”
“favorite [Warren] Buffett says, “When the tide goes down, you can see who is swimming naked.”
Cuba said it is easy to grow in a bull market where prices are on the rise. Many projects are funded and grow without a solid business plan or real value.
These are projects that will go extinct when the bear market hits. To survive the melancholy emotions associated with the bearish downtrend, solid tokenomics and true value are needed. He said:
“Destructive applications and technologies released in the bear market, whether stocks, cryptocurrencies or other businesses, will always find and succeed in the market.”
Cuba, a major supporter of Ethereum, believes that NFTs and Dogecoin are devastating projects that will skyrocket after the bear market is over.
Welcome bear market
Many prominent cryptocurrency executives agree with Cuba when it comes to the interests of the bear market.
After the collapse of LUNA, various celebrities appeared, saying that the market would shake off the project without real value and heal the crypto space in the long run.
Bertrand Perez, CEO of the Web3 Foundation, was one of the names who said there were too many tokens and projects to exclude from the market. Brad Garlinghouse, CEO of Ripple, agreed with Perez and questioned whether the crypto community really needed more than 19,000 currencies.
FTX US President Brett Harrison emphasized that there are only a handful of projects that are actually worthwhile. He said:
“It’s unlikely that there will be hundreds of different blockchains within 10 years. I think there are a few clear winners for different types of applications.”
Mihailo Bjelic, CEO of Polygon, said the current bear market is a healthy fix and agreed with the rest. It benefits crypto space in the long run by eliminating worthless projects.
Current bear market
For some, the bear market fell after the LUNA crash, and many projects fell further after the 18-month low of Bitcoin.
Cryptocurrency market capitalization fell 58% to $ 925 billion.
The market shows no signs of turning to bullish sentiment. Anyway, Bitcoin remains 73% more profitable in the long run than other major investment options. Many believe that Bitcoin will enter its exponential growth stage and see $ 100,000 after the market cleanses itself with bear runs.
