FTX Collapse Is a Turning Point for the Industry – ‘There’s a Crypto Bottom’ – Bitcoin News Exchange

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 turning point for the industry, stressing that “the crypto bottom is in.” He is now pushing for cryptocurrency regulation. “What I’m going to do is fly to Washington and ask for an arrangement. I want it now,” O’Leary stressed.

Kevin O’Leary, At the Bottom of Cryptocurrency, Link to FTX

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

Asked about his reaction to the FTX implosion, he told CNBC: “Obviously one of disappointment, no question about it … I’m disappointed, as are many shareholders.” However, he emphasized that he is still a “huge advocate of the potential of blockchains and cryptocurrencies.” O’Leary continued:

It’s not the first time I’ve made a bad investment, and probably won’t be the last, but luckily I’ve made more good ones than bad ones and learned from my mistakes.

Mr. Wonderful also tweeted about FTX Saturday: “As an investor, you will never get it right every time. You will make some mistakes. Sometimes adults like FTX. The main thing is that you learn from them so that you don’t repeat them. Over time, experience will lead you to a place where you make more good investments than bad.”

He ended his tweet like this:

Cryptocurrency has a bottom!

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

“You always need a big player to go to zero … When you get an over-leveraged big player that goes to zero and always tends to be the start of a rebuild, it always gives you a good dip,” he said. july “Someone is on the brink of zero there. Everything is OK. In fact, I would argue that this is a good thing.” He emphasized at that time:

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

In July, he warned that a major cryptocurrency crash was coming. At the time, he said, “I don’t believe we’ve hit rock bottom yet.”

O’Leary wants cryptocurrency regulation ‘Now’

“What’s going to happen now is, it’s not going to happen again for institutional investors,” O’Leary said, adding that institutions won’t invest until the industry is regulated by the Securities and Exchange Commission (SEC). ) or other regulators. He revealed:

What I want to do is fly to Washington and arrange. I want it now. No more delays. I think that puts a lot of pressure on the SEC.

Mr. Wonderful shared that what he would most like to see in the crypto industry is the passage of the Stablecoin Transparency Act. However, he said it has been “floating forever” in Congress. “We have to stop doing this to ourselves … It’s time to move forward with regulation.”

He explained that the bill would allow people to “use the US dollar as a payment system,” noting that if the bill becomes law, all of their businesses will receive stablecoins every day. “It’s far superior to ACH, far superior to SWIFT, faster, more transparent and 100% verifiable,” he said. Earlier this month, he predicted that bitcoin would rise when the Stablecoin Transparency Act was passed.

Despite the losses in investing in FTX, O’Leary is not afraid to buy more cryptocurrencies: “I will still invest in cryptocurrencies. I lost money…doesn’t stop me from buying more. I will do just that.” The Shark Tank star concluded:

This is actually a turning point for this industry, a coming of age for this industry.

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

Kevin Helms

Kevin, an Austrian Economics student, discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie 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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