American billionaire Mark Cuban continues to believe in the prospect of cryptocurrencies and digital assets. According to him, the collapse of the FTX cryptocurrency exchange will not be able to hinder the development of the industry.
Mark Cuban said that the cryptocurrency industry is valuable for smart contracts, the use of which allows the use of digital assets in various areas of life. And the bankruptcy of FTX does not affect the applicability of decentralized applications in any way. In a conversation with CNBC, the billionaire emphasized that the value of crypto assets is related to their use in real life. If the project has no real users, then it has no value.
At the same time, new users learn about cryptocurrencies every day, and this is a very positive signal, Kuban believes. However, not everyone agrees with Cuban.
Thus, Bankrate employee James Royal believes that cryptocurrencies exist only thanks to industry fans.
"If you do not take into account the so-called stablecoins, then prices for cryptocurrencies are supported only by enthusiasts. There is no fundamental analytics, no real business application, no cash flow - just speculation,"James Royal said.
In August, Mark Cuban criticized the US Securities and Exchange Commission (SEC) for the lack of clear provisions to regulate the industry.