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Home / Business / Kevin O’Leary of Shark Tank warns that regulators will crack down on Bitcoin-“it will be cruel”

Kevin O’Leary of Shark Tank warns that regulators will crack down on Bitcoin-“it will be cruel”



Shark Tank star Kevin O’Leary (Kevin O’Leary), also known as Mr. Wonderful, warned that regulators will crack down on Bitcoin. In addition, he said: “Even if Bitcoin rises another 2,000%, it has nothing to do with institutional customers.”

Kevin O’Leary warns of brutal Bitcoin regulation, saying that Bitcoin is not an institutional product

Canadian investor and TV personality Kevin O’Leary talked about Bitcoin in an interview with CNBC’s Squawk Box on Thursday.

Someone asked O’Leary whether he changed his view of Bitcoin, from thinking that it was “not a real currency” to investing and possibly buying more Bitcoin. “Let me be clear… I have been a cryptography expert for many years,” the Shark Tank star replied.

He tapped his phone and said, “This is my Bitcoin wallet. At that time, you could only get Ethereum, XRP, Bitcoin, Litecoin, Stellar Lumens and Bitcoin. [cash]. I bought this in the last frenzy. I spent 100 dollars to work here. It was valued at $52.77 this morning, because obviously not all cryptocurrencies are the same. He elaborated:

I got involved because it is interesting, but it is not an institutional product… The entire market, even if Bitcoin rises by another 2,000%, has nothing to do with institutional customers.

O’Leary reiterated that he owns Bitcoin and pointed out: “I ride it on weekends,” but he emphasized, “You can’t put it in a trust product…it has nothing to do with the financial market.”

He clarified: “The real problem is that if you participate as a trustee and are supervised and are halved or reduced to zero, who knows, you have never seen the mother of class actions. From that one .”

O’Leary was asked to comment on how the Dallas Mavericks, a professional basketball team owned by his Shark Tank star Mark Cuban, recently started offering discounts on merchandise to customers paying with Bitcoin. The CNBC host said: “This is another stage… You can see the legitimacy of Bitcoin from people like your friend Mark Cuban, who are working hard to make Bitcoin a more important part of people’s lives.” Cuba It has also recently been stated that Bitcoin is more a religion than a solution to any problem.

O’Leary said: “I know Mark very well, and also quoted him saying that he thinks bananas are a bigger universal currency, and he may be right.”

I mean for all of us…is it really a burger for people who oversee and work in a global industry worth trillions of dollars in financial services? It is not even a single-celled amoeba.

Shark Tank’s investors continued to elaborate: “The financial market deals with regulators, and you can only operate within the scope of these rules, so when we praise this kind of thing, [bitcoin]In fact, it has nothing to do with the financial markets that make the whole world work. Institutional sovereign fund investors with whom I have never spoken told me to index all cryptocurrencies. “

O’Leary asserted that the institutional investors he talked to did not want to own Bitcoin because “they were afraid of regulators,” he warned:

See what will happen one day, I am waiting for this day. I am waiting for the day when one of these regulators will crack down on Bitcoin. Adult men will cry. You will never see capital losses like in your life. It will be cruel. And, I just said that you must be prepared for it.

At the same time, more and more institutional investors are investing in Bitcoin. Bitgo recently stated that it has seen “unprecedented institutional interest” and Skybridge Capital has launched a Bitcoin fund in anticipation of “a large number of institutional investors.” More and more banks are also beginning to provide encryption services to institutional clients, such as Standard Chartered Bank. On the regulatory front, the Financial Crime Enforcement Network (FinCEN) recently proposed new rules affecting cryptocurrency wallets.

Do you agree with Kevin O’Leary? Let us know in the comments section below.

Picture Credits: Shutterstock, Pixabay, Wiki Commons

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