Billionaire investor Mark Cuban continues to believe in cryptocurrencies despite the FTX controversy.
The Dallas Mavericks owner recently told the tabloid website 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. “Look, you still use it for DeFi. There’s still all kinds of applications. That’s all that matters” he said.
Speaking of the FTX disaster, Cuban suggested that founder Sam Bankman-Fried could end up serving a long jail sentence. “I don’t know all the details, but it sure sounds bad,” the billionaire added.
The “Shark Tank” star admits that he viewed Bankman-Fried as a “smart” guy, and he had no idea that he was capable of committing alleged fraud with other people’s money.
As reported by U.Today, Cuban was originally a staunch cryptocurrency skeptic. Back in 2020, he said that he would prefer a banana over Bitcoin since the former has potassium, a valuable nutrient.
The billionaire warmed up to digital currencies in early 2021, turning into an advocate.
Last March, the Mavs became the first NBA 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 up crashing to zero.