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