Kevin O’Leary warns of a crypto panic event that is yet to come. O’Leary is a shark tank star; he shares his views in an interview on Meet Kevin’s YouTube channel. During the interview, he answers about the state of Bitcoin. Whether the $13K that people believe its reaching, is true or not? O’Leary responded, “It’s impossible to know where the bottom is. I don’t believe we’ve seen the bottom yet, and I have a different view of it.”
A Theatre Near You
O’Leary gave an example of his past experiences with crypto. “I go back again to other asset classes that I have invested in for decades. In every case – traditional bonds, traditional equities, real estate, alternative asset classes – bottoms are reached with an event, a panic event as I call it, and you can find it in every asset class.”
He noted, “We haven’t seen that yet in crypto land. There’s no big guy that’s gone to zero yet, and I think that’s still to come.” He said he couldn’t predict the market because it depends on leverage and other things.
O’Leary says it “has almost been cut in half in total market cap, so you would think we are on our way to the bottom.” He goes on, “I like a big, big panic event. That’s always been a great way to bottom – It’s towel throwing, its capitulation, its massive volume, its total panic in the streets – and always a great buying opportunity.”
He didn’t predict who was next but hinted that it could be at any time. He says, “it’s coming to a theatre near you.”
O’Leary concluded, “It will definitely be a very good thing for this industry. It’ll be a great thing because it’ll take out all of the bad, broken business models, the heavy leverage, the speculation that was too risky.”
O’Leary warns of crypto panic and says that institutional investors will pour trillions of dollars into cryptocurrency once regulators adopt a crypto policy. He believes that cryptocurrency will become S&P’s 12th sector. O’Leary revealed in June that he has 32 positions in the digital asset space and is not selling any despite the crypto market’s decline. Lastly, he said, “I’m not selling anything… Long term, you just have to stomach it. You have to understand you’ll get volatility and that some projects aren’t going to work.”
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