Shark Tank star Kevin O’Leary, also known as Mr. Wonderful, has cautioned of an approaching “big panic event” in the crypto space. “I don’t believe we’ve seen the bottom yet and I have a different view of it,” he said.

Kevin O’Leary Warns of a ‘Big Panic Event’ in Crypto

Shark Tank star Kevin O’Leary shared his crypto standpoint in a meeting on Youtube channel Meet Kevin last week.

He was requested how far the cost from bitcoin could fall and whether BTC could drop to $13K as certain individuals have anticipated. “It’s impossible to know where the bottom is,” O’Leary answered, adding:

I don’t completely accept that we’ve seen the base yet and I have an alternate perspective on it.

Referencing his previous experience, the Shark Tank star said: “I go back again to other asset classes that I have invested in for decades. In every case — traditional bonds, traditional equities, real estate, alternative asset classes — bottoms are reached with 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 yet in crypto land. There’s no large person that is gone to nothing yet and I believe that is still to come.

He added that it is challenging to anticipate who will flop straightaway “because it’s going to be because of leverage and some kind of relationship in a counterparty holding that they have not disclosed.”

He said Voyager, the crypto loan specialist that petitioned for Chapter 11 liquidation last week, is too little to even consider making a difference. “The rest of these guys were kind of irrelevant in terms of total market cap,” he opined.

The Shark Tank star brought up that the crypto market, including bitcoin, “has almost been cut in half in total market cap, so you would think we are on our way to the bottom.”

However, he focused: “I like a big, big panic event. That’s always been a great way to bottom — It’s towel throwing, it’s capitulation, it’s massive volume, it’s total panic in the streets — and always a great buying opportunity.” He elaborated:

I have no clue about who is straightaway. [It] could be tomorrow first thing, could be a month from now, yet it’s coming to a performance center close to you.

Mr. Wonderful finished up: “It will definitely be a very good thing for this industry. It’ll be a great thing because it’ll take out all of the bad, broken business models, the heavy leverage, the speculation that was too risky.”

The Shark Tank star has anticipated that trillions of dollars will flood into crypto from institutional financial backers once the controllers take on a crypto strategy. He accepts that crypto will turn into the twelfth area of the S&P. In June, O’Leary uncovered he is standing firm on 32 footings in the advanced resource space and isn’t selling any regardless of the crypto market auction. “I’m not selling anything … Long term, you just have to stomach it. You have to understand you’ll get volatility, and that some projects aren’t going to work,” he emphasized.

What do you ponder Kevin O’Leary’s expectations? Tell us in the remarks area below.

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Kevin Helms

An understudy of Austrian Economics, Kevin tracked down Bitcoin in 2011 and has been an evangelist from that point forward. His inclinations lie in Bitcoin security, open-source frameworks, network impacts and the crossing point among financial matters and cryptography.

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