Mark Cuban Sees Similarities in Current Crypto Market and DotCom Bubble

The next “driver” for the cryptocurrency industry will be when businesses start employing smart contracts to gain a competitive advantage, Mark Cuban thinks.

Prominent billionaire and owner of The Dallas Mavericks – Mark Cuban – believes crypto’s current decline is much similar to the Intenet’s one in the early 2000s. He forecasted that the digital asset sector could stabilize once businesses start incorporating smart contracts into their operations.The collapse of the cryptocurrency market has been more than obvious in the past few weeks.

However, there was a lot of speculation in the field, and many of the firms failed to turn a profit. This caused the so-called “Dotcom bubble” and a consecutive bear market. It is worth noting, though, that some organizations such as Amazon and eBay survived the harsh times and now stand among the leading tech corporations in the world.

On the other hand, the Internet is a vital feature of nowadays society, taking part in almost every business and social activity.Cuban thinks crypto’s success over the past years was fueled by the enthusiasm surrounding NFTs and DeFi. Nonetheless, he claimed digital collectibles are not as essential as smart contracts.

“That will have to be the next driver. When businesses can use smart contracts to gain a competitive advantage, they will […] We don’t need NFTs or DeFi on every chain. We don’t need bridges to move NFTs between chains We need smart contract apps replacing SAAS apps.”The billionaire has not always been a proponent of the crypto universe. At the beginning of 2020, he bashed bitcoin, claiming it is easier to trade bananas than the primary digital asset.

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