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Tech Billionaire Mark Cuban Says Only Viable Blockchain Companies Will Survive Crash, Quotes Buffet

Alexa by Alexa
June 17, 2022
in Business
Tech Billionaire Mark Cuban Says Only Viable Blockchain Companies Will Survive Crash, Quotes Buffet
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Mark Cuban expressed the belief that both the crypto and stock market are experiencing a shake-out. The entrepreneur believes that companies that are built on hype, as opposed to those offering truly innovative technologies and solid business models, will fail. 

Cuban told Fortune, “In stocks and crypto, you will see companies that were sustained by cheap, easy money — but didn’t have valid business prospects — will disappear.”

He also quoted billionaire Warren Buffet to emphasize how soaring inflation, historic interest-rate hikes, plunging prices of stock and crypto, and fears of a recession will expose the losers from the winners. 

“Like Buffett says, ‘When the tide goes out, you get to see who is swimming naked,” Cuban told the Fortune. 

Cuban also mentioned that companies that are developing and offering real technology that will have real utility will always attract customers and persist, even though a bear market. He iterated that only “game-changing applications” would survive the increasing pressure. 

Previously, the billionaire entrepreneur expressed both a mix of skepticism and excitement around cryptocurrency, relating it to the early days of the internet. He now believes that in spite of the rough market conditions, viable companies will survive.

“Bitcoin, Ethereum, a few others will be analogous to those that were built during the dot-com era, survived the bubble bursting and thrived, like Amazon, eBay, and Priceline,” Cuban tweeted in January 2021. “Many won’t.”

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