Kevin O’Leary Talks Crypto: “I Lost $18M During The FTX Fallout”
Two months have passed since the collapse of the FTX exchange and the crypto world continues to see a bankruptcy about every week. This has put a lot of pressure on the whole asset class and has poked the bear in terms of the US Congress, who have finally decided to take on the task of putting some regulation in place. In a recent interview, Shark Tank’s Kevin O’Leary discussed the state of crypto after the FTX fallout and the lessons he has learned.
O’Leary believes that the FTX collapse and the continued bankruptcies in the crypto world are due to a lot of nefarious activity going on in unregulated exchanges. These exchanges issue their own tokens, which are worthless and not like equity. They call them billion-dollar valuations, but when they go to zero, they’re back in Congress for another hearing. O’Leary thinks that we’re going to start to see some legislation, which will be good for the industry.
Despite losing 18 million dollars during the FTX fallout, O’Leary remains optimistic about the future of crypto. He has moved all of his crypto assets into regulated areas to repair its image. He also mentions North Dakota partnering with O’Leary Ventures on a direct investment program, highlighting that regulation is crucial for the growth and stability of the crypto industry.
5 Key Points from Kevin O’Leary’s Interview:
- FTX is no name to stick with, according to O’Leary.
- The crypto world continues to see bankruptcies more frequently.
- The FTX fallout and continued bankruptcies have poked the bear in terms of the US Congress, who are now looking at regulation.
- O’Leary believes that regulation will be good for the crypto industry.
- O’Leary has moved all of his crypto assets into regulated areas.
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