Billionaire Mark Cuban remains bullish on crypto despite FTX collapse

NBA Dallas Mavericks owner Mark Cuban said Saturday that he is not giving up on cryptocurrency due to the collapse of cryptocurrency exchange FTX.

He thinks former FTX CEO Sam Bankman-Fried could go to jail, but that the crypto industry still has plenty of underlying value. On Monday, Mark Cuban began unfollowing many crypto Twitter accounts, with some believing he is distancing himself from crypto.

Mark Cuban isn’t giving up on crypto

Although the FTX collapse has taken a toll on crypto investors and companies, billionaire Mark Cuban still believes in crypto. Mark Cuban believes there is still plenty of underlying value despite the collapse of the FTX crypto exchange, TMZ Sports reported on Nov. 26.

“Separate the signal from the noise,” Cuban said. “There were a lot of people who made a lot of mistakes, but that doesn’t change the underlying value.”

He is a firm believer in the crypto-currency industry and remains confident about the opportunities in the sector despite the tough times. Mark Cuban doesn’t foresee the currency crashing as long as consumers have viable options in the crypto world.

On the subject of Sam Bankman-Fried, Mark Cuban believes a prison sentence is imminent for the 30-year-old former FTX CEO. He believed Sam Bankman-Fried was wise, but never thought he would embezzle customer funds for his personal use.

“I don’t know all the details, but if I were him, I’d be afraid to go to jail for a long time,” Cuban said. I talked to the guy and thought he was smart.”

When asked about Elon Musk and his impact on Twitter, Mark Cuban says that Elon Musk did improve the user experience after he bought Twitter.

On Monday, Mark Cuban began unfollowing many prominent crypto Twitter accounts, including Nansen, Uniswap, Solana, DeFi Pulse, Dapper Labs and MetaMask. Rumors began to spread that he is leaving the crypto space after the collapse of FTX. Cuban has invested in many crypto projects, including KlimaDAO, Mintable, DeFi Alliance, OpenSea, CryptoSlam, Zapper, Polygon and Arbitrum.

The crypto-currency market is gradually recovering

The crypto market is gradually recovering from the FTX contagion, with industry leaders pushing investor confidence.

Bitcoin and Ethereum have recovered, with the current price holding above $16.5k and $1.2k. Altcoins such as Dogecoin, XRP, BNB, and others are up nearly 5% in the past 24 hours.