NBA Dallas Mavericks owner Mark Cuban said on Saturday that he is not giving up cryptocurrency due to the collapse of cryptocurrency exchange FTX.
He thinks former FTX CEO Sam Bankman-Fried could go to jail, but the crypto industry still has a lot of underlying value. On Monday, Mark Cuban began unfollowing many crypto Twitter accounts, some of which believed he was moving away from crypto.
Mark Cuban is not giving up on crypto
Although the collapse of FTX has affected crypto investors and companies, billionaire Mark Cuban still believes in crypto. Mark Cuban believes there is still a lot of underlying value despite the collapse of crypto exchange FTX, TMZ Sports reported Nov. 26.
“Separate the signal from the noise,” Cuban said. “There were a lot of people who made a lot of mistakes, but that doesn’t change the underlying value.”
He strongly believes in the cryptocurrency industry and remains confident about the opportunities in the industry despite the difficult times. Mark Cuban does not expect the currency to crash as long as consumers have viable options in the crypto world.
On Sam Bankman-Fried, Mark Cuban believes jail time is imminent for the 30-year-old former FTX CEO. He believed Sam Bankman-Fried to be wise, but never imagined he would embezzle client money for his personal use.
“I don’t know all the details, but if I were him, I would be afraid of going to jail for a long time,” Cuban said. I talked to the man and thought he was smart.”
When asked about Elon Musk and his impact on Twitter, Mark Cuban says that Elon Musk actually improved the user experience after buying Twitter.
On Monday, Mark Cuban began unfollowing many prominent crypto Twitter accounts, including Nansen, Uniswap, Solana, DeFi Pulse, Dapper Labs, and MetaMask. Rumors started spreading that he is leaving the crypto space after the collapse of FTX. Cuban has invested in numerous crypto projects, including KlimaDAO, Mintable, DeFi Alliance, OpenSea, CryptoSlam, Zapper, Polygon, and Arbitrum.
The cryptocurrency market is gradually recovering
The crypto market is gradually recovering from the FTX contagion, with market leaders boosting investor confidence.
Both Bitcoin and Ethereum recovered with current prices above $16.5k and $1.2k. Altcoins such as Dogecoin, XRP, BNB and others are up nearly 5% in the past 24 hours.
To display Hide the table of contents