Prominent billionaire “Mark Cuban” and owner of basketball club “The Dallas Mavericks” believes that the current decline of cryptocurrencies is very similar to the decline of Internet companies in the early 2000s.

He predicted that the digital assets sector would stabilize once companies began integrating smart contracts into their operations.

Crypto follows the path of the Internet:

The collapse of the cryptocurrency market has been evident in the past few days.

Bitcoin, the largest digital currency by market capitalization, has lost more than 17% of its US dollar valuation over the past seven days.

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According to Mark Cuban, owner of the NBA giant “The Dallas Mavericks” and a strong supporter of some crypto and blockchain projects, the current downtrend is similar to the crash that occurred in the 2000s.

In the late 1990s, Internet-based businesses were the biggest trend, and a great deal of capital was pouring into them.

However, there was a lot of speculation in this area, and many companies failed to turn a profit.

This caused the so-called “dotcom bubble” and a cascading bear market.

However, it is worth noting that some companies like Amazon and eBay have weathered the hard times and now stand among the world’s leading tech companies.

On the other hand, the Internet is a vital feature of society nowadays, as it participates in almost every commercial and social activity.

Cuban believes that the success of cryptocurrencies over the past years has been driven by the enthusiasm surrounding NFT and DeFi.

He stated that digital holdings are not as essential as smart contracts.

American Cuban predicted that once companies start using smart contracts, cryptocurrencies can go higher again, and added:

Smart contracts should be the next driver.

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When companies can use smart contracts to gain a competitive advantage, they don’t need NFT or DeFi on every chain.

Nor do we need bridges to transfer NFTs between networks (does this make them replaceable?)

We need smart contract apps to replace SAAS apps.

The future of crypto:

Billionaire Cuban has not always been an enthusiast and supporter of cryptocurrency.

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At the beginning of 2020, he taunted Bitcoin, saying it was easier to trade bananas than Bitcoin.

Soon, he softened his position and currently stands as the sector’s defender.

He then took to the crypto market further and announced that his NBA team had accepted several cryptocurrencies, including Bitcoin, Ethereum and Dogecoin, as payment for game tickets and associated products.

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