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“Panic in the Cryptocurrency Sector Is Imminent”: Prices Haven’t Bottomed Yet, Says Kevin O’Leary

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

Kevin O’Leary warns of a “big panic” in the cryptocurrency industry.

Last week, Shark Tank star Kevin O’Leary shared his views on cryptocurrencies during an interview on Youtube channel Meet Kevin. See also: Binance pulls LUNA from the platform, while Terra offers token burning to save UST.

He was asked how low bitcoin price could go and if BTC could drop to $13K as some predicted. “It’s impossible to know where the bottom is,” O’Leary replied, adding:

I don’t think we’ve hit rock bottom yet and I have a different view of the situation.

Referencing his past experience, the Shark Tank star said: “I am once again going back to other asset classes that I have invested in for decades. In all cases – traditional bonds, traditional stocks, real estate, alternative asset classes – the lows are hit with an event, a panic event as I call it, and you can find it in every asset class. »

We have yet to see this in the crypto world. No bigwig is zero yet and I think that’s still to come.

He added that it is difficult to predict who will be the next to go bankrupt “because it will be because of the leverage and some kind of relationship in a counterparty holding that they have not disclosed. . »

He said Voyager, the crypto lender that filed for Chapter 11 bankruptcy last week, is too small to count. “The rest of these guys were irrelevant in terms of total market capitalization,” he said.

The Shark Tank star pointed out that the cryptocurrency market, including bitcoin, “has almost halved in terms of total market capitalization, so you would think we’re about to hit rock bottom. »

However, he pointed out, “I like big panic events. It’s always been a great way to hit bottom – it’s a towel throw, a sellout, massive volume, complete panic in the streets – and always a great buying opportunity. ” He has developped :

I have no idea who will be next.[Itcouldbetomorrowmorningitcouldbeamonthfromnowbutit’scomingtoatheaternearyou[Çapourraitêtredemainmatinçapourraitêtredansunmoismaisçavaarriverdansuncinémaprèsdechezvous

Mr. Wonderful concluded, “It will definitely be a very good thing for this industry. It will be a great thing because it will eliminate all the bad broken business models, the high leverage, the speculation that was too risky. »

The Shark Tank star predicted that trillions of dollars will flow into crypto from institutional investors once regulators enact crypto policy. He thinks crypto will become the 12th sector in the S&P. In June, O’Leary disclosed that he held 32 positions in the digital asset space and was not selling any despite the crypto market selling off. “I don’t sell anything… In the long term, you have to know how to cash in. You have to understand that you will have volatility and some projects will not work,” he stressed.

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

An economics student from Austria, Kevin discovered bitcoin in 2011 and has been an evangelist ever since. He is interested in Bitcoin security, open-source systems, network effects, and the intersection between economics and cryptography.

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Thomas Estimbre
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