Well-known investor Mark Cuban said the market should focus on non-financial applications and benefits to reverse the bear market.
Cuban also does not believe that the market has reached cheap prices yet.
He has previously stated that around 80% of his portfolio was invested in cryptos. On June 23, on a new podcast episode of Bankless, he said the current bear market will continue:
"It's going to be a while before there's a catalyst and that catalyst will be an application or we're so low that people are like, 'Fuck it, I'll buy some'".
He believes that a better focus on applications with a benefit will pull the crypto industry out of its bear market. With so many apps focused on fintech or collectibles, the launch of a business-focused application would be one of those events that could spark such a turnaround.
Cuban cited a decentralized version of Quickbooks, an accounting software for small businesses, as an example. If something like this were introduced, Cuban predicted a rush of users.
Although analysts are predicting that Bitcoin and the rest of the market have bottomed, Cuban believes it's not cheap just yet.
“You look at market caps and you see it's $1 billion plus market cap or $6 billion or $8 billion or $40 billion. They don't look at that and say "that's cheap". If you remember the DeFi summer, these things were selling for less than a penny and their market cap was in the hundreds of millions.”
Cuban added that even with lower-cap cryptocurrencies, there is no benefit like decentralized exchange SushiSwap.
“You get paid for being a liquidity provider, but then who buys it? What is the reason to buy it from one?”
Cuban believes that mergers between different protocols and blockchains will eventually lead to a consolidation of the crypto industry as it happens in every industry.
"I'd rather get together with someone who says let's do a roll up."
Cuban added that he would support merging different blockchains, closing others, and then moving applications and communities to just one and offering one token.
“Now the user base is suddenly 10x, you still have a problem with better applications, you still have to have a reason why people want to use this blockchain, but at least maybe you can come up with better community ideas, because otherwise you're gone .”
As the crypto space has different sub-sectors like Layer 1, Layer 2, NFTs and DeFi tokens, Cuban names his areas where he is bullish.
He said that he is particularly interested in carbon-compensated DeFi tokens, which he burns to offset his own personal carbon footprint. He went on to say that while not everyone is interested in offsetting their carbon emissions, it is the easiest way compared to buying carbon offsets from a broker.
"All have potential, that's why they got all the money, all have a reason why they think they're better and will be successful."
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