Bitcoin is down over 7% in the last 24 hours in yet another week of heavy losses, and billionaire investor Mark Cuban says the pain might only be getting started for crypto markets.
The Shark Tank star tells his 8.6 million Twitter followers that crypto is going through the same phase that the internet did in the early 2000s when countless startups with little to no utility got in over their heads.
According to Cuban, the crypto industry, in particular smart contract platforms, needs to start focusing on how to improve business models in order to justify some of its big valuations.
“Crypto is going through the lull that the internet went through. After the initial surge of exciting apps, NFTs, DeFi, P2E (play-to-earn), we