Shark Tank star Kevin O’Leary, aka Mr. Wonderful, warned of an impending “big panic event” in the crypto space.” I believe we have not seen the bottom yet and I have a different view of it,” he said.
Kevin O’Leary Warns of a ‘Big Panic Event’ in Crypto
Shark Tank star Kevin O’Leary shared his crypto outlook in an interview on Youtube channel. Meet Kevin last week.
He was asked how far the price of bitcoin could fall and whetherBTCcould fall to $13K as some have predicted.” O’Leary replied, “It’s impossible to know where the bottom is,” adding.
I don’t think we’ve seen the bottom yet and I see it differently.
Referring to past experience, the Shark Tank star said.
“I’m going back again to other asset classes that I’ve invested in for decades. Traditional bonds, traditional stocks, real estate, alternative asset classes, etc., in any case, you will find it in all asset classes, hitting bottom in what I call an event, a panic event.” He stated.
O’Leary points out that.
We haven’t seen it yet in crypto land. There are no big players that have zeroed in yet, and I think that is still to come.
He added that it is difficult to predict who will fail next. “It will be because of leverage and some relationship in counterparty holdings that they are not disclosing.” He stated.
He said Voyager, a crypto lender that filed for Chapter 11 bankruptcy last week, is too small to matter.” The rest of these people were kind of irrelevant in terms of total market cap,” he opined.
The Shark Tank star noted that the crypto market, including Bitcoin, “is cut by almost half the total market cap, so you would think we are headed for a bottom.”
But, he stressed, “we’re not going to get there.” I like big, big panic events. Towel throwing, capitulation, mass trading, the whole city panics, and it’s always a great buying opportunity.” He elaborated.
I have no idea who is next. [It] could be tomorrow morning or a month from now, but it’s coming to a theater near you.
Mr. Wonderful concluded.
“There is no doubt that this is a very good thing for our industry. Because it gets rid of all the bad and broken business models, the high leverage, and the speculation that is too risky.”
The Shark Tank star predicts trillions of dollars will flood into crypto from institutional investors as regulators adopt crypto policies. He believes crypto will become the 12th sector in the S&In June, O’Leary revealed that he held 32 positions in the digital assets sector and had not sold any, despite the sell-off in the crypto market. ‘I haven’t sold anything… In the long run you have to be patient with it. You get volatility and you have to understand that some projects don’t work out,” he stressed.
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