Kevin O’Leary Warns of Major Crypto Panic Event Coming — ‘I Don’t Believe We’ve Seen the Bottom Yet’ – Markets & Prices Bitcoin News

Kevin O’Leary Warns of Major Crypto Panic Event Coming — ‘I Don’t Believe We’ve Seen the Bottom Yet’ – Markets & Prices Bitcoin News

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, warned of an impending “major panic event” in the crypto space. “I don’t believe we’ve seen the bottom yet and I have a different take on it,” he said.

Kevin O’Leary Warns of ‘Major Panic Event’ in Crypto

Shark Tank star Kevin O’Leary shared his crypto perspective in an interview on the YouTube channel Meet Kevin last week.

He was asked how much the price of Bitcoin could fall and if BTC it could drop to $13K as some people predicted. “It’s impossible to know where the bottom is,” O’Leary replied, adding:

I don’t believe we’ve seen the bottom yet and I have a different take on it.

Reflecting on his past experience, the Shark Tank star said, “I’m coming back to other asset classes that I’ve been investing in for decades. Either way – traditional bonds, traditional stocks, real estate, alternative asset classes – the bottom is reached by an event, a panic event as I call it, and you can find it in every asset class.”

O’Leary noted:

We haven’t seen that in crypto land yet. There is no big guy who has gone to zero yet and I think that is yet to come.

He added that it is difficult to predict who will fail next “because it will be due to leverage and some kind of relationship in the holding company of the counterparty that they have not disclosed”.

Voyager, a crypto lender, said filed for Chapter 11 bankruptcy last week, it’s too small to matter. “The rest of these guys were kind of irrelevant in terms of overall market capitalization,” he opined.

The Shark Tank star pointed out that the cryptocurrency market, including bitcoin, “almost halved in total market capitalization, so you’d think we were on the way to the bottom.”

However, he stressed: “I love a big, big panic event. It’s always been a great way to bottom – it’s a throw in the towel, a capitulation, massive volume, total panic on the streets – and always a great buying opportunity.” He elaborated:

I have no idea who’s next. [It] it could be tomorrow morning, it could be in a month, but it’s coming to a theater near you.

Mr Wonderful concluded: “It will definitely be a very good thing for the industry. It will be a great thing because it will remove all the bad, broken business models, the heavy leverage, the speculation that was too risky.”

The Shark Tank star has provided for that trillions of dollars will flow into cryptocurrencies from institutional investors when regulators adopt crypto policies. He believes that crypto will become the 12th sector of the S&P. In June, O’Leary revealed that he holds 32 positions in the digital asset space and isn’t selling any despite the crypto market selloff. “I’m not selling anything… In the long run, you just have to try it. You have to understand that you will get volatility and some projects will fail,” he said emphatically.

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

Kevin O’Leary Warns of Major Crypto Panic Event Coming — ‘I Don’t Believe We’ve Seen the Bottom Yet’ – Markets & Prices Bitcoin News

Kevin Helms

An Austrian economics student, Kevin 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 between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

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