Billionaire Mark Cuban, who owns the Dallas Mavericks, has made some statements about cryptocurrencies after a large number of representatives of the crypto industry have spoken out on the bipartisan infrastructure law. After its adoption by the US Senate, crypto-related companies will have to face stricter reporting requirements.
Cuban believes that cryptocurrency innovations in the United States will bring a lot of problems to the industry:
“The current situation on the market is very reminiscent of 1995. Back then, people also did not believe in the effectiveness of using credit cards and were wary of various websites. Now, against the background of various innovations, they are also afraid to use cryptocurrency. This is temporary.”
We should take into account that regulators across the globe are putting their attention on developments related to cryptocurrencies, as some of them see this new type of assets as a threat to their economy. For instance, the People’s Bank of China has decided to create its own central bank digital currency (CBDC) to compete with traditional cryptocurrencies like Bitcoin or Ethereum.