Mark Cuban says he doesn't see long-term viability of crypto currency

The price is around $42,200 per coin, while Ethereum dipped below $3,000 per coin, trading at $2,911 - 4.91% and Dogecoin stood at 20.9 cents - 0.52%, respectively, according to Coindesk.

As recently as September 18 bitcoin was trading above $48,000 before beginning its current downturn began.

Meanwhile, Securities and Exchange Commission Chairman Gary Gensler said Tuesday that he doesn't see much long-term viability of crypto currency, underscoring the importance to protect investors in market and bringing it under regulatory oversight, The Wall Street Journal reported Wednesday.

Gensler likened the thousands of cryptocurrencies in existence to the so called Wildcat banking era that took hold in the United States from 1837 until 1863 in the absence of federal bank regulation. Before Abraham Lincoln created the office of the Comptroller of the Currency, banks issued their own currency certificates which they sometimes refused to redeem in gold or silver for their purported value.

I don t think there is long-term viability of five or six thousand private forms of money, Gensler said in a virtual event hosted by the Washington Post. In the meantime I think it s worthwhile to have an investor protection regime around this. By 2021, AMC will accept Bitcoin, Etherum, Litecoin and Bitcoin Cash (Electronic Cash Transfer) for online payments. Is there any chance that some of my followers should accept Dogecoin? Mark Cuban gained global prominence as investors talked about it, including Elon Musk and Dogecoin.

Its market cap of $27.5 B, dwarfs Bitcoin's $792 B and Dogecoin has lost more than $4,295% so far this year compared to a 45% advance for the largest crypto.