recently commented on the state of the cryptocurrency market, and Taylor Swift's involvement in FTX's $100M promotional deal.
O'Leary stated that institutional investors in the United States are hesitant to invest in cryptocurrency without regulatory clarity. He believes that sovereign wealth and pension funds will not invest in cryptocurrency without proper regulations in place. O'Leary believes that recent lawsuits, such as Coinbase's lawsuit against the U.S. Securities and Exchange Commission (SEC), will not expedite regulation.
Despite the current stall in crypto bills awaiting Congressional approval, O'Leary is optimistic about the new bipartisan stablecoin bill. He believes that this bill will help replace the SWIFT and ACH systems with stablecoins for digital payment systems.
Regarding the cryptocurrency market, O'Leary predicts that Bitcoin will continue to trade between $17,000 and $35,000 for an extended period, with the same traders buying and selling it. He believes that there is no new money coming into the market, which will cause it to stagnate.
O'Leary's comments also touched on the topic of Taylor Swift's involvement with FTX's promotional deal. He claims that the only reason Swift did not sign the deal was because FTX collapsed before she had the opportunity. A class-action lawsuit was filed against FTX and its celebrity promoters, including O'Leary, Tom Brady, Shaquille O'Neal, Steph Curry, and Larry David. The FTX lawsuit claims the defendants didn't conduct due diligence before promoting their products to the public. Swift reportedly refused to sign the deal due to uncertainty surrounding FTT's security status.
O'Leary's investment in cryptocurrency is noteworthy, considering his initial skepticism. In 2021, he announced that he had invested 3% of his portfolio in Bitcoin. O'Leary has also invested in Canadian cryptocurrency firm WonderFi. However, his experience with FTX was less successful, as he reportedly lost $9.7 million when the exchange filed for bankruptcy last year.
Kevin O'Leary's recent comments touched on the current state of the cryptocurrency market and the importance of regulatory clarity for institutional investors. However, it appears that he was sharing his opinions in the space. He also provided his predictions for the future of Bitcoin and expressed optimism about the new stablecoin bill in Congress. Additionally, he mentioned his personal investments in Bitcoin and a Canadian crypto firm.
