cryptocurrency

Kevin O’Leary Isn’t Worried About Encryption Crashes

Millionaire investor and Shark Tank star Kevin O’Leary is convince the latter Encryption crashes are a good thing.

Kevin O’Leary: Encryption crash is nothing to worry about

In an interview, O’Leary stated that the crypto industry that is collapsing at press time is causing bad crypto companies to leave the fray. He also said that once the regulations are in place, the price of bitcoin will rise by four times its current size.

O’Leary commented:

The bottom is usually created when there is a catastrophic event such as the bankruptcy of a major player or someone is in big trouble buying cryptocurrencies with leverage. When such an event occurs, the markets will bottom out. Until then, there is no bottom.

He continued:

When a major catastrophic event occurs, it will be [quite] hideous. Since there are no regulations in place, we don’t know who will explode and when. However, the positive is that when the damage is done, the damage is varied in terms of multiple countries and multiple entities participating in the picture, but the negatives outweigh the positives.

He also mentioned that institutional investors will achieve stronger levels of stability in the crypto space. Regarding asset classes such as non-fungible tokens (NFTs) and stablecoins, he said:

The best thing is to start regulating the stablecoins. This will be a great encouragement for investors. Crypto will not recover until there are concrete policies as there is currently, no ownership with sovereign wealth managers or asset managers. Therefore, there is not enough participation to be a true asset class.

He said that companies like Voyager Digital – which recently went into bankruptcy proceedings – their disintegration does not mean doom and gloom for the cryptocurrency industry since these companies “don’t matter” like some of the big players. As long as these companies remain in operation, the cryptocurrency industry is likely to continue. He said:

What is happening with these companies is not surprising. Weak business and management models and managers who don’t understand the asset class in the first place, and the market get rid of foolish management. Only when the idiots come out can the industry come out stronger. We must celebrate this purge.

Warren Buffett is wrong in coding

He was also quick to attack people like Warren Buffett and Charlie Munger, the crypto industry’s biggest critics. He criticized their lack of vision and said:

They have great success. [but that] Not that they are right about cryptocurrencies. The productivity, transparency, and efficiency of the blockchain are enormous in the long run. The other way to look at this is: there will be unprecedented institutional capital in cryptocurrencies. The current bear market is just a snapshot. Extraordinary results take time.

Tags: cipher crash, kevin olery, voyager digital

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