Crypto Markets Must Hit 'Full Panic' Before Recovery: Kevin O'Leary
Millionaire Investor Thinks Market Bottom Will Be Marked By "All Out Panic", In Which Case Weak Companies With "Dumb Managers " will be eliminated and the industry can continue to develop.
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Millionaire investor of Shark Tank TV show Kevin O’Leary says there will be “utter panic” and “massive volatility” in crypto markets before the industry reverts to stronger companies and clearer regulations.
Despite the recent fall in crypto finance companies including Voyager Digital and Celsius, O'Leary told Cointelegraph on July 13 that we are still missing a "true big event" seen in previous market cycles before to return to accelerated growth in space, stating:
"This passionate game is played again and again."
Some investors have pointed to current market conditions due to overleveraged centralized financial companies such as Voyager and Celsius. O'Leary said the problems with companies like these came from "dumb managers" who needed to be eliminated to make the industry more viable.
"It's a shame that these companies have gone to zero, but you end up with much stronger species."
Ben Samaroo, CEO of crypto investment support firm WonderFi Technologies, who was also present during the interview with Cointelegraph, said the recent bankruptcies were part of the "second wave of crypto crises" in the history of the coin. Canada.
Samaroo explained that Canada's first "crypto crisis" was characterized by the collapse of now-defunct crypto exchange QuadrigaCX in 2019, which led to the disappearance of $145 million in cryptocurrency funds. users after the
Millionaire Investor Thinks Market Bottom Will Be Marked By "All Out Panic", In Which Case Weak Companies With "Dumb Managers " will be eliminated and the industry can continue to develop.
New
Millionaire investor of Shark Tank TV show Kevin O’Leary says there will be “utter panic” and “massive volatility” in crypto markets before the industry reverts to stronger companies and clearer regulations.
Despite the recent fall in crypto finance companies including Voyager Digital and Celsius, O'Leary told Cointelegraph on July 13 that we are still missing a "true big event" seen in previous market cycles before to return to accelerated growth in space, stating:
"This passionate game is played again and again."
Some investors have pointed to current market conditions due to overleveraged centralized financial companies such as Voyager and Celsius. O'Leary said the problems with companies like these came from "dumb managers" who needed to be eliminated to make the industry more viable.
"It's a shame that these companies have gone to zero, but you end up with much stronger species."
Ben Samaroo, CEO of crypto investment support firm WonderFi Technologies, who was also present during the interview with Cointelegraph, said the recent bankruptcies were part of the "second wave of crypto crises" in the history of the coin. Canada.
Samaroo explained that Canada's first "crypto crisis" was characterized by the collapse of now-defunct crypto exchange QuadrigaCX in 2019, which led to the disappearance of $145 million in cryptocurrency funds. users after the
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