'Meltdown to zero': Kevin O'Leary says there's a 100% chance of another crypto d...
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Kevin O'Leary says there's a 100% chance of another crypto debacle — and that it will happen 'over and over and over again.' Here's what he likes instead
Bitcoin is on another wild ride.
Late last year, the downfall of cryptocurrency exchange FTX sent investors running for the exits. But now, bitcoin is up 70% in 2023.
Still, Shark Tank star Kevin O’Leary warns that there could be more fiascos in the crypto world.
When asked whether he believed there would be another FTX during a Kitco News interview, O’Leary’s response was affirmative.
“If you're asking me will there be another meltdown to zero? Absolutely, 100% it'll happen and it'll keep happening over and over and over again,” he says.
“All the unregulated exchanges are having massive outflows right now. The smart money has got the joke. They saw what happened in FTX. They're not sitting around for an explanation.”
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Simply put, institutional investors won’t put their money in unregulated crypto exchanges.
“If you're not willing to be audited, and I'm speaking about any exchange, if you don't have an auditor, you don't want to be transparent, you don't want to disclose ownership, why should institutional capital stay there? Of course it's not going to.”
That said, O’Leary isn’t bailing on bitcoin.
Keeping it safe
Mr. Wonderful has been buying the dip.
“I have been going back into the crypto markets lately. Anytime bitcoin drops below $17,000, I add to our positions there.”
And where does O’Leary keep his crypto investments these days?
Up north.
“The only place I have any crypto right now is up in the Canadian market, which is 100% regulated. They have a broker-dealer attached to an exchange regulated by the OSC [Ontario Securities Commission], all kinds of rules, you can't commingle,” he tells Kitco News.
“It's called Bitbuy and I've got my money there. It's owned by WonderFi, a public company. I’ve got lots of capital tied up in there — it's the only place.”
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