Billionaire Mark Cuban Isn’t Giving Up Crypto

Billionaire investor Marc Cuban continues to believe in cryptocurrencies despite the FTX controversy.

The Dallas Mavericks owner recently told tabloid site TMZ that it is simply important to separate the signal from the noise.

The fact that “a lot of people made a lot of mistakes” doesn’t change the underlying value of the technology’s applications. “Listen, you still use it for DeFi. There are still all kinds of applications. That’s all that matters,” he said.

Speaking about the FTX disaster, Cuban suggested that founder Sam Bankman-Fried could end up serving a lengthy prison sentence. “I don’t know all the details, but it sounds really bad,” added the billionaire.

The ‘Shark Tank’ star admits he thought of Bankman-Fried as a “smart” guy, and he had no idea he was capable of committing alleged fraud with other people’s money.

As reported by U.Today, Cuban was originally a staunch cryptocurrency skeptic. In 2020, he said he would prefer a banana to Bitcoin because the former contains potassium, a valuable nutrient.

The billionaire warmed up to digital currencies in early 2021, becoming a lawyer.

Last March, the Mavs became NBA first team to start accepting Dogecoin as a payment method.

However, the ‘Shark Tank’ co-host faced backlash last June after a DeFi project he promoted ended fall to zero.