2022-6-18 00:49 |
Billionaire investor Mark Cuban says the bear market is what is needed to separate solid projects or companies from weak ones.
Cuban, the owner of NBA team Dallas Mavericks, noted this during an interview with Fortune. He predicted doom for projects that have built themselves around “cheap money.”
In stocks and crypto, you will see companies that were sustained by cheap, easy money—but didn’t have valid business prospects—will disappear. Like Buffett says, ‘When the tide goes out, you get to see who is swimming naked.”
The entrepreneur, who is invested in crypto and is one of its biggest proponents, also believes the current market turmoil offers an opportunity for new “game-changing” projects to emerge.
Such companies and platforms – whether in crypto or stocks- he noted, always end up curving out a market for themselves and succeed.
Crypto could struggle alongside stocksAbout the market conditions, Cuban says investors might have to see further correlation amid several macro indicators. The higher interest rates, (the US Federal Reserve and Bank of England both hikes rates this week) could mean more pain.
On Friday, stocks posted a slight rebound but still ended the week with their worst performance since March 2020.
Bitcoin was holding above $20,600 at the time of writing, but was also massively down over the week. The flagship cryptocurrency had shed more than 30% in the past seven days to drop to levels last seen in December 2020.
The post Billionaire Mark Cuban: Projects built on “cheap money” will not survive this ‘crypto winter’ appeared first on Invezz.
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