Kevin O’Leary warns of a massive crypto panic event coming, predicts that much of the industry will be wiped out
Shark Tank star Kevin O’Leary says he expects to witness a massive capitulation event that will trigger fear and panic among crypto investors.
In a new interview on YouTube’s investment channel Meet Kevin, the venture capitalist says he believes the bottom is not yet in digital assets, even though the market value of the emerging industry has lost more than half of its top value.
“There is no big guy who has gone to zero yet, and I think it still comes. Hard to say who it is because it’s going to be because of influence and some kind of relationship in a counterparty share that they have not revealed, and I’m just wondering right now, but it would be very healthy for the market to have that happen.
Voyager is too small. It does not matter. The rest of these guys were in a way irrelevant in terms of overall market value. Bitcoin and the crypto market itself are almost halved in total market value, so you would think that we are on the way to the bottom. “
O’Leary is referring to the cryptocurrency brokerage firm Voyager, a firm that filed for Chapter 11 bankruptcy earlier this month after a major borrower defaulted on a substantial loan.
The billionaire emphasizes that he is still waiting for a major capitulation event that would shake the crypto industry.
“I like a big, big panic incident. It’s always been a great way to bottom out. It’s towel throwing. It’s capitulation. It’s a huge volume. There is total panic in the streets and always a great shopping opportunity.
I have no idea who’s next. Might be early tomorrow, may be a month from now, but it’s going to a theater near you, and that’s definitely going to be a very good thing for this industry. It will be a great thing because it will remove all the bad broken business models, the heavy ones [and] the speculations that were too risky. “
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Featured image: Shutterstock / Annuitti / Natalia Siiatovskaia
