Kevin O’Leary shared his opinion on the current ongoing ups & downs in the Crypto market and noted that the meltdown of many crypto companies will emerge as a good outcome for the Crypto sector in the long term.
Kevin O’Leary is known as Mr. Wonderful. He is a Canadian businessman, entrepreneur, and television personality. After his appearance in Shark Tank star, he grabbed huge popularity worldwide. Around 3 years ago, he criticised cryptocurrencies and said that Bitcoin is essentially a “digital game” and is “worthless” to him. But later he became a Crypto investor. Usually, he never follows any hype or news about any Crypto tokens or projects, instead, he does research himself to find out the best projects to invest money.
Recently Shark Tank star appeared in an interview with Kitco news and in the interview he said that recent bad events in the Crypto sector, including FTX’s downfall, acted as a catalyst to push lawmakers to design better regulatory policies to regulate the Crypto companies. In short, he said that it will result in a better outcome for the crypto sector.
“Crypto is getting very interesting because we are finally starting to see the bear of regulation coming into play. And I think long term that is a good thing.”
Shark tank star also noted that all the unregulated Crypto exchanges or companies are going to disappear. And also said that Crypto & blockchain is not bad, instead, rogue players, unregulated Crypto companies & useless tokens make Crypto bad.
On the FTX bankruptcy, Kevin said that a big reason behind the downfall of the FTX exchange was its financial position on behalf of its native token FTT (or say FTX token). He noted that the company reported an unrealistic valuation of the company on behalf of the FTT holdings.
As per reports, Kevin made $15 million from the FTX exchange only for the FTX exchange promotion. But Kevin revealed that after all taxes & fees, he received $10, and further he invested that funds in Crypto assets. He also confirmed that all the investment with that fund was on the FTX exchange, which has been lost with FTX bankruptcy. In short, he made nothing.