Crypto panic

‘Total Panic’ In Crypto Before New Highs: Shark Tank’s O’Leary

  • Kevin O’Leary believes that a trend reversal is not possible in crypto until total panic arises
  • He claims that there will be “massive volatility” once there are clear regulations

Kevin O’Leary, aka Mr. Wonderful from Shark Tank, has become one of the biggest supporters of Bitcoin and crypto despite being a known hater of the same a year ago.

In his recent statement, O’Leary stated that he expects “total panic” and “massive volatility” in the crypto markets before regulatory clarity arises and stronger crypto firms are created.

In an interview given to a media outlet, O’Leary stated that despite the recent fall of respectable crypto firms like Voyager Digital and Celsius, along with Three Arrows Capital, “we’re still missing a ‘real big event’ seen in previous market cycles.”

Before every massive rally in the crypto market, “this passion play [current bearish market] gets played out over and over again,” stated O’Leary in the recent interview on July 13.

O’Leary called the executives of Voyager Digital and Celsius “idiot managers” who were incapable of managing their risks. An important role is played by overleveraged and now insolvent firms in the current crypto market’s bearish downturn.

“It’s unfortunate that these companies have gone to zero but you end up with much stronger species,”

O’Leary added.

The billionaire noted that it was important for poor management style to be weeded out of the market to ensure a long term growth.

Trillions of dollars in crypto

However, it is also important to note that O’Leary believes that trillions of dollars will flow into the crypto market the day crypto regulations are imposed by authorities and laws safeguarding the hard-earned money of investors are placed. In a recent episode of the Bankless podcast, O’Leary pointed out that he wants to bring “the actual cash into crypto, the actual sovereign wealth.”

“For all people that used to criticize me about saying, let’s get this factor regulated, now they perceive why they wanna get it regulated too. It’s the trillion dollars that’ll come into this market in a single day when it is regulated,”

O’Learly boldly stated.

O’Learly added that he has diversified his crypto portfolio and owns “32 positions, 32 chain initiatives, 32 totally different cash of tokens.” He added that he just wants a few of these projects to win “over the subsequent 5 years.”

The billionaire has invested in Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Polygon (MATIC).

Parth Dubey Verified

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

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