Following the FTX collapse that has negatively impacted the cryptocurrency industry, American billionaire businessman Mark Cuban believes that cryptocurrencies still have a lot of value.
Cuban, who has backed crypto investments, investing heavily in various projects and companies in the industry, revealed that people should not be discouraged by the collapse of FTX, but should ignore the noise and look at the big picture.
In a recent interview, he said “Separate the signal from the noise. “A lot of people have made a lot of mistakes, but that doesn’t change the underlying value.”
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He further stated that as long as investors have viable options in the world of cryptocurrencies, he does not foresee virtual assets falling into oblivion.
Mark Cuban is one of those billionaires who believes that investing in cryptocurrency is a good investment idea, unlike other billionaires like Warren Buffet and Bill Gates who think otherwise.
In the past, Cuban has specifically listed Bitcoin and Ethereum as potential currencies for cryptocurrency traders to invest in. He owns some cryptocurrency assets and has made investments in various blockchain companies.
Despite his endorsement of crypto investing, Cuban believes that the amount of money that should be used to buy virtual currencies should be limited, meaning traders should invest money they can afford to lose.
Following his advice on the FTX crash, several other crypto investors share the same view with him, as they revealed that the FTX crash is not a crypto glitch but rather a scammer taking advantage of investors and lack of regulation.
On the other hand, the FTX crash has plunged crypto asset prices to an all-time low, reducing investor confidence in the industry. The crypto market was already in a terrible state even before the FTX crash.
The crash of the crypto exchange platform further fueled the volatility, as there have been large results of volatility in token prices, while a large number of traders are taking advantage of it.
On the other hand, many retail investors have withdrawn their assets, while institutional investors tied to FTX and its sister company Alameda Research are still pinning their losses on their exposure to Sam Bankman-Fried’s empire.
In the Bahamas, following the collapse of FTX, which was based on the small island country, Bahamians are still trying to find a way to make sense of the recent turmoil.
Reports reveal that the sudden collapse of the cryptocurrency exchange platform has left a trail of unemployment in the country.