bitcoin, ethereum, litecoin, btc, eth, ltc, ftx
Kevin O'Leary, a Shark Tank investor, recently commented on the state of the cryptocurrency market, and Taylor Swift's involvement in FTX's $100M promotional deal.
O'Leary stated that institutional investors in the United States are hesitant to invest in cryptocurrency without regulatory clarity. He believes that sovereign wealth and pension funds will not invest in cryptocurrency without proper regulations in place. O'Leary believes that recent lawsuits, such as Coinbase's lawsuit against the U.S. Securities and Exchange Commission (SEC), will not expedite regulation.
Regarding the cryptocurrency market, O'Leary predicts that Bitcoin will continue to trade between $17,000 and $35,000 for an extended period, with the same traders buying and selling it. He believes that there is no new money coming into the market, which will cause it to stagnate.
O'Leary's investment in cryptocurrency is noteworthy, considering his initial skepticism. In 2021, he announced that he had invested 3% of his portfolio in Bitcoin. O'Leary has also invested in Canadian cryptocurrency firm WonderFi. However, his experience with FTX was less successful, as he reportedly lost $9.7 million when the exchange filed for bankruptcy last year.
Kevin O'Leary's recent comments touched on the current state of the cryptocurrency market and the importance of regulatory clarity for institutional investors. However, it appears that he was sharing his opinions in the space. He also provided his predictions for the future of Bitcoin and expressed optimism about the new stablecoin bill in Congress. Additionally, he mentioned his personal investments in Bitcoin and a Canadian crypto firm.