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The collapse of FTX is a turning point for the industry

Kevin O'Leary: FTX Collapse Is a Turning Point for the Industry — 'Crypto Bottom Is In'

Shark Tank star Kevin O’Leary aka Mr. Wonderful, invests in FTX. After the collapse of the cryptocurrency exchange, he said that this is a turning point for the industry, emphasizing that “the crypto bottom has already arrived.” Now he is pushing for the regulation of cryptocurrencies. “What I’m going to do is I’m going to fly to Washington and I want regulation. I want it now,” O’Leary said.

Kevin O’Leary on Crypto’s day and relationship with FTX

Shark Tank star Kevin O’Leary spoke about his investment in FTX after the firm filed for Chapter 11 bankruptcy. O’Leary owns a stake in the cryptocurrency exchange and has signed a multi-year deal to become its ambassador and spokesperson. He also requested that his compensation be paid in cryptocurrency and managed on the FTX platform.

When asked about his reaction to the FTX collapse, he told CNBC, “Obviously it’s a disappointment, there’s no doubt about it… I’m disappointed, as are many shareholders.” However, he emphasized that he is still “an active supporter of the potential of blockchains and cryptocurrencies.” O’Leary continued:

This is not the first time I’ve made bad investments, probably not the last time, but luckily I make more good ones than bad ones and I learn from my mistakes.

Mr. Vanderful also tweeted about FTX on Saturday: “As an investor, you will never get it right every time. You will make some mistakes. Sometimes large ones like FTX. The key is to learn from them so as not to repeat. Over time, experience will lead you to make more good investments than bad ones.”

He ended his tweet like this:

Crypto bottom has come!

The Shark Tank star has previously explained how bottoms form in any market, including stocks, debt, real estate, and cryptocurrencies.

“You always need a big player to go to zero… It always gives you a good bottom when you get a big player with excessive leverage that goes to zero and that always tends to be the start of a recovery process,” he elaborated in July . “Someone is on the verge of zero. Everything is fine. In fact, I’d say it’s good.” He emphasized then:

Someone tends to zero. I don’t know who, but it will be great for everyone else who survives because everyone will learn from this.

In July, he warned that a major crypto panic was coming. At the time, he said, “I don’t believe we’ve seen the bottom yet.”

O’Leary Wants to Regulate Cryptocurrency ‘Now’

“What’s going to happen now is that this will never happen again for institutional investors,” O’Leary exclaimed, adding that institutions will not invest until the industry is regulated by the SEC and exchanges (SEC). ) or other regulators. He showed:

What I’m going to do is I’m going to fly to Washington and I want regulation. I want it now. No more delays. I think this puts a lot of pressure on the SEC.

Mr. Vanderful shared that what he wants most in the crypto industry is to see the passage of the Stablecoin Transparency Act. However, he said it was “always in the air” in Congress. “We have to stop doing this to ourselves… It’s time to move forward with regulation.”

He explained that the law allows people to “use the US dollar as a payment system,” noting that he would use stablecoins in all of his businesses every day if the bill became law. “It is much better than ACH, much better than SWIFT, much faster, more transparent and 100% verifiable,” he stressed. Earlier this month, he predicted that bitcoin would rise when the Stablecoin Transparency Act was passed.

Despite the losses invested in FTX, O’Leary is not holding back from buying more cryptocurrencies, stating, “I’m still going to invest in cryptocurrencies. I lost money… that doesn’t stop me from buying more. I’m going to do just that.” The Shark Tank star concluded:

This is actually a turning point for this industry, a maturation for this industry.

What do you think of Shark Tank star Kevin O’Leary’s comments? Let us know in the comments below.

Kevin Helms

Austrian economics student Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests are in bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

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