The investor and star of the show Shark Tank, Kevin O’Leary, believes it will take a panic event for cryptocurrencies to bottom out.
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- Kevin O’Leary doesn’t think crypto will hit bottom
- He believes only a panic event would lead to that extreme.
- He believes the markets are capitulating, coming off their lows and recovering.
- Will take its WonderFi exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. to the Toronto Stock Exchange
As when there is a fire in a house and the inhabitants leave with what they are wearing, protecting their lives and losing all their belongings, so it happens to investors when they flee from the markets, trying to save the little they can, but losing as much as possible and causing, above all, the markets to continue to collapse.
There is a lot of despair with the current situation of the crypto market, however there are those who believe that only the market dynamics itself can save it. One of them is Kevin O’Leary, a well-known investor who became famous for his participation in the television program Shark Tank.
O’Leary said that no the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. sector is not ready to bottom out unless a major negative event occurs.
“You don’t get to a bottom until you have an event.” Dijo O’Leary and CoinDesk. “In the world of cryptocurrencies, we need someone to go to zero.”
While such occurrences are obviously not positive for the players involved, this kind of “panic events define funds” , said O’Leary, because markets capitulate before breaking in the world of cryptocurrencies, breaking the forward compatibility of cryptoassets is seen in hard forks of a cryptocurrency. off their lows and recovering slowly , según O’Leary.
WonderFi to Canada
Asimismo, O’Leary informó a CoinDesk on the transfer WonderFi June 22nd at Toronto Stock Exchange. WonderFi is a cryptocurrency marketplace and a registered trading platform a place to buy, sell and store cryptocurrency on which O’Leary and CEO of FTX, Sam Bankman-Fried, are strategic investors.
O’Leary attributes the change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. to the company’s improved oversight and compliance, as well as the work it has done with regulators to list new coins and services. He said Canada’s crypto industry does not allow excessive leverage, which means customers of WonderFi are not as much at risk of margin calls.
Institutions, family offices or individual investors “they need to know with certainty that they are not trading on a dishonest platform.” he said. The need for a “fully compatible infrastructure” is necessary.
O’Leary believes global jurisdictions have and should take note of Canada’s crypto policy. “When you walk in with a Canadian flag on your back and start talking about crypto-compatible, people listen.” Dijo O’Leary.
Of the latest market downturn, O’Leary said the volatility a statistical measure of dispersion of returns, measured by using the standard deviation or variance between returns from that same security or market index. has been a boon for WonderFi and has boosted trading activity.
In favour of regulation
The investor also believes that for greater institutional adoption of crypto, more regulation is needed, as institutions should be able to gain exposure to cryptocurrencies in the same way they would to stocks and bonds.
O’Leary believes that regulation of stable currencies is a place to start. He noted how the stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. USDC has held up amid the recent volatility in cryptocurrencies, given their backing in cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. and short-duration Treasury bills. “ The market an area or arena, online or offline, in which commercial dealings are conducted. is really receptive to something stable as a payment system.” dijo.
In addition, O’Leary sees the regulation of stable coins as a bipartisan problem. “ Everyone wants to support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. the default currency, the U.S. dollar.” , argumentó.
It’s worth remembering that O’Leary is a big crypto advocate. In April, when he already Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. was on a downward trend, assured that it would not reach zero and acknowledged that 5% of his capital capital is most commonly defined as the large sum of money you would use to invest. was in this crypto and he was also diversifying to others. Earlier, in February, he said that invest investing is when you put money in a financial scheme with the intent of making a gain. in Bitcoin era similar a invertir en acciones de Microsoft o Yahoo! for example, because it was not a coin, but a software.
Sources: Coindesk , WonderFi , archivo
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