{"id":14490,"date":"2022-11-15T00:07:46","date_gmt":"2022-11-15T00:07:46","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ftx-collapse-is-a-turning-point-for-the-industry-crypto-bottom-is-in-exchanges-bitcoin-news\/"},"modified":"2022-11-15T00:07:46","modified_gmt":"2022-11-15T00:07:46","slug":"ftx-collapse-is-a-turning-point-for-the-industry-crypto-bottom-is-in-exchanges-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ftx-collapse-is-a-turning-point-for-the-industry-crypto-bottom-is-in-exchanges-bitcoin-news\/","title":{"rendered":"FTX Collapse Is a Turning Point for the Industry \u2014 ‘Crypto Bottom Is In’ \u2013 Exchanges Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Shark Tank star Kevin O\u2019Leary, aka Mr. Wonderful, has investments in FTX. Following the collapse of the crypto exchange, he said it\u2019s a turning point for the industry, emphasizing that the \u201ccrypto bottom is in.\u201d He is now pushing for crypto regulation. \u201cWhat I\u2019m going to be doing is I\u2019m going to fly to Washington and I want regulation. I want it now,\u201d O\u2019Leary stressed. <\/strong><\/p>\n

Kevin O\u2019Leary on Crypto\u2019s Bottom, Relationship With FTX<\/h2>\n

Shark Tank star Kevin O\u2019Leary has spoken up about his investments in FTX after the firm filed for Chapter 11 bankruptcy<\/a>. O\u2019Leary has an equity stake in the cryptocurrency exchange and has signed a multiyear deal<\/a> to become its ambassador and spokesperson. He also asked for his compensation to be paid in crypto and managed on the FTX platform.<\/p>\n

When asked about his reaction to the implosion of FTX, he told CNBC: \u201cObviously, one of frustration, there\u2019s no question about it \u2026 I\u2019m disappointed like many shareholders.\u201d However, he stressed that he is still \u201ca huge advocate for the potential of blockchains and cryptocurrencies.\u201d O\u2019Leary continued:<\/p>\n

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It\u2019s not the first time I\u2019ve made a bad investment, probably not the last time, but luckily I make more good ones than bad ones and I learn from my mistakes.<\/p>\n<\/blockquote>\n

Mr. Wonderful also tweeted about FTX Saturday: \u201cAs an investor, you will never get it right every time. You will make some mistakes. Sometimes big ones like FTX. The key is to learn from them so you don\u2019t repeat. Over time, experience will get you to a place where you make more good investments than bad.\u201d<\/p>\n

He ended his tweet with:<\/p>\n

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Crypto bottom is in!<\/p>\n<\/blockquote>\n

The Shark Tank star previously explained how bottoms are made in any market, including equities, debt, real estate, and crypto.<\/p>\n

\u201cYou always need a big player to go to zero \u2026 It always gives you a good bottom when you get a large player over-leveraged that goes to zero, and that always tends to be the beginning of the rebuilding process,\u201d he detailed in July. \u201cSomeone is out there on the brink of zero. That\u2019s ok. In fact, I would argue that\u2019s a good thing.\u201d He emphasized at the time:<\/p>\n

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Someone\u2019s going to zero. I don\u2019t know who but it will be great for everyone else that survives because everybody will learn from that.<\/p>\n<\/blockquote>\n

He warned in July that a major crypto panic event<\/a> was coming. At the time, he said: \u201cI don\u2019t believe we\u2019ve seen the bottom yet.\u201d<\/p>\n

O\u2019Leary Wants Crypto Regulation \u2018Now\u2019<\/h2>\n

\u201cWhat\u2019s going to happen now is there won\u2019t be another situation like this for institutional investors ever again,\u201d O\u2019Leary exclaimed, adding that institutions will not invest until the industry gets regulated, whether it\u2019s by the Securities and Exchange Commission (SEC) or other regulators. He revealed:<\/p>\n

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What I\u2019m going to be doing is I\u2019m going to fly to Washington and I want regulation. I want it now. No more delaying. I think this puts tremendous pressure on the SEC.<\/p>\n<\/blockquote>\n

Mr. Wonderful shared that one thing he wants to see most in the crypto industry is for the Stablecoin Transparency Act to pass. However, he said it has been \u201cfloating around forever\u201d in Congress. \u201cWe\u2019ve got to stop doing this to ourselves \u2026 It\u2019s time to move forward with regulation.\u201d<\/p>\n

He explained that this Act allows people \u201cto use the U.S. dollar as a payment system,\u201d noting that he would stablecoins in all of his businesses every day if the bill becomes law. \u201cIt\u2019s far superior to ACH, far superior to SWIFT, far faster, more transparent, and 100% auditable,\u201d he outlined. Earlier this month, he predicted that bitcoin will go up<\/a> when the Stablecoin Transparency Act passes.<\/p>\n

Despite making losses investing in FTX, O\u2019Leary is not deterred from buying more cryptocurrencies, stating: \u201cI\u2019m still going to invest in crypto. I lost money \u2026 doesn\u2019t stop me from buying more. I\u2019m going to do just that.\u201d The Shark Tank star concluded:<\/p>\n

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This is actually a turning point for this industry, a maturation for this industry.<\/p>\n<\/blockquote>\n

What do you think about the comments by Shark Tank star Kevin O\u2019Leary? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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