Mark Cuban, owner of the NBA's Dallas Mavericks, said on Saturday that he isn't abandoning cryptocurrency because of the collapse of crypto exchange FTX. He believes that while FTX's former CEO Sam Bankman-Fried may face prison time, the crypto industry still has a lot of underlying value. On Monday, Mark Cuban began unfollowing many crypto Twitter accounts, leading some to believe that he is distancing himself from the cryptocurrency.
Cuban Isn't Giving Up on Crypto
Despite the fact that the collapse of FTX has had an impact on investors and crypto companies, billionaire Mark Cuban continues to believe in cryptocurrency. Despite the collapse of crypto exchange FTX, Mark Cuban believes there is still a lot of underlying value, according to TMZ Sports on November 26. Cuban shared:
“Separate the signal from the noise. There’s been a lot of people making a lot of mistakes, but it doesn’t change the underlying value.”
He is a firm believer in the cryptocurrency industry and remains optimistic about its prospects in the face of adversity. Mark Cuban believes the currency will not crash as long as consumers have viable options in the cryptocurrency world.
Cuban believes Sam Bankman-Fried, the 30-year-old former FTX CEO, will face prison time; he thought Sam Bankman-Fried was wise, but he never imagined he would misappropriate customer funds for his personal use. He explained:
“I don’t know all the details, but if I were him, I’d be afraid of going to jail for a long time. I talked to the guy and thought he was smart.”
When asked about Elon Musk and his impact on Twitter, Cuban says that since acquiring Twitter, Elon Musk has improved user experience.
Mark Cuban began unfollowing many prominent cryptocurrency Twitter accounts on Monday, including Nansen, Uniswap, Solana, DeFi Pulse, Dapper Labs, and MetaMask. Following the collapse of FTX, rumors began to circulate that he was leaving the crypto space. KlimaDAO, Mintable, DeFi Alliance, OpenSea, CryptoSlam, Zapper, Polygon, and Arbitrum are among the many crypto projects in which Cuban has invested.
