The collapse of FTX is a game changer for the industry – “Crypto Bottom Is In” – Exchanges Bitcoin News

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has investments in FTX. After the collapse of the cryptocurrency exchange, he said it was a game changer for the industry, pointing out that “the cryptocurrency fund is on the way”. He is now pushing for cryptocurrency regulation. “What I’m going to do is fly to Washington and I want a regulation. I want it now, ”O’Leary stressed.

Kevin O’Leary on Crypto Fund, relationship with FTX

Shark Tank star Kevin O’Leary spoke about his investments in FTX after the company filed for Chapter 11 bankruptcy. O’Leary has 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 cryptocurrencies and managed on the FTX platform.

Asked about his reaction to the FTX implosion, he told CNBC: “Obviously, one of frustration, no doubt … I’m as disappointed as many shareholders.” However, he stressed that he is still “a big believer in the potential of blockchain and cryptocurrency”. O’Leary continued:

It’s not the first time I’ve made a bad investment, probably not the last time, but luckily I’m making more good than bad and I learn from my mistakes.

Mr. Wonderful also tweeted on FTX on Saturday: “As an investor, you’ll never do it right every time. You’ll make mistakes. Sometimes the big ones like FTX. The key is to learn from them so you don’t repeat. Over time, the. experience will take you to a place where you make more good than bad investments. ”

He concluded his tweet with:

The cryptocurrency fund has arrived!

The Shark Tank star previously explained how lows are achieved in any market, including stocks, debt, real estate, and cryptocurrencies.

“You always need a great player to go to zero … It always gives you a good bottom when you get a big player with excessive leverage going to zero, and that always tends to be the beginning of the rebuilding process”, he explained in detail in July. “Someone is out there on the brink of zero. All right. In fact, I’d say it’s a good thing. “He emphasized at the time:

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

In July it warned that a major cryptographic panic event was coming. At that time, you said, “I don’t think we’ve seen the bottom yet.”

O’Leary wants cryptocurrency regulation “now”

“What will happen now is that there will never be another situation like this for institutional investors,” O’Leary exclaimed, adding that institutions will not invest until the sector is regulated, both by the Securities and Exchange. Commission (SEC). ) or other regulators. He revealed:

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

Mr. Wonderful shared that one thing he wants to see more of in the cryptocurrency industry is for the Stablecoin Transparency Act to be passed. However, he said he’s been “floating around forever” in Congress. “We have to stop doing this to ourselves … It’s time to move on with the regulation.”

He explained that this law allows people to “use the US dollar as a payment system,” pointing out that he would have stable currencies in all his businesses every day if the bill became law. “It is far superior to ACH, far superior to SWIFT, much faster, more transparent and 100% verifiable,” she stressed. Earlier this month, she predicted that bitcoin will rise when the Stablecoin Transparency Act passes.

Despite suffering losses by investing in FTX, O’Leary is not dissuaded from buying more cryptocurrencies, stating: “I will still invest in cryptocurrencies. I lost money … it doesn’t stop me from buying more. I’ll do just that. ”The Shark Tank star concluded:

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

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

Kevin Helms

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

Image credits: Shutterstock, Pixabay, Wiki Commons

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