Mark Cuban Gives Crypto-Friendly Warning as Bitcoin Climbs

Share Article
In Brief
  • Mark Cuban warns officials on halting crypto innovation.

  • The crypto space awaits potential industry upheaval.

  • Cuban continues his support of the crypto industry.

  • promo

    Stake your points and qualify for the 200,000 USDT prize pool. Start staking now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Billionaire investor Mark Cuban issued a warning to crypto investors, as bitcoin prices continue a steady climb. 

Sponsored



Sponsored

The crypto space is heated. Investors are on edge as Bitcoin continues to steadily climb towards $50,000. However, the price incline comes at a time when the entire crypto industry could be facing a new reality with the new bill from the Senate. 

The original syntax of the bill grouped virtually all participants in the space into the same tax and reporting bracket. If the wording remained as it originally appeared, even miners and developers would need to report to the IRS in the way exchanges do. 

Sponsored



Sponsored

Nonetheless, the Senate agreed to a bipartisan amendment in order to change some of the initial structure of the bill. While the industry awaits its fate, the bitcoin price climbs.

Late last week and over into this one, the bitcoin price hit its highest since mid-May. The price increase also applies to altcoin such as ethereum, doge, and cardano. 

In the midst of this industry kerfuffle, investor and crypto enthusiast Mark Cuban warned skeptics that, “shutting off this growth engine would be the equivalent of stopping e-commerce in 1995 because people were afraid of credit card fraud. Or regulating the creation of websites because some people initially thought they were complicated and didn’t understand what they would ever amount to.”

Cuban’s crypto-forward thinking

A stark warning to regulators about halting industry innovation is not surprising coming from Cuban. The billionaire continues to show a bullish attitude towards the crypto industry. 

In this past year he presented market speculations for meme-coins such as doge, and cheered on Cardano in a Twitter conversation with Charles Hoskinson. 

Most prominently, Cuban has shown vehement support for the NFT industry. The investor has backed two NFT-related companies, including the NFT data aggregator CryptoSlam and the NFT platform Mintable. On top of his solidarity with industry innovators, Cuban released his own personal set of NFTs at the beginning of the year. 

The comment from Cuban isn’t surprising. In the past he also warned traditional financiers of major developments in the DeFi space. However, this warning comes at much higher stakes due to the nature of the bill. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Savannah Fortis is a multimedia journalist covering stories at the intersection culture, international relations, and technology. Through her travels she was introduced to the crypto-community back in 2017 and has been interacting with the space since.

Follow Author

Limited offer! Learn to mine and trade crypto today for free

Join

Earn up to $10,000 USD every week in CoinFLEX AMM+ Arena!

Earn Now

Be our Supreme Scorer and qualify for a grand prize pool of 200,000 USDT!

Join