Kevin O’Leary: FTX Collapse is a Turning Point in the Industry — ‘Crypto Bottom is In’

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Shark Tank star Kevin O’Leary, aka Mr. Wonderful has made investments in FTX. He said that the collapse of the crypto-exchange was a turning point in the industry and that the “crypto bottom” is in. He is now calling for crypto regulation. “What I’m going do is fly to Washington to demand regulation. O’Leary stated that he wants it now.
Kevin O’Leary: Crypto’s Bottom and Relationship with FTX
Shark Tank star Kevin O’Leary spoke out about his investments in FTX following the filing of Chapter 11 bankruptcy. O’Leary holds an equity stake in the cryptocurrency exchange, and has signed a multiyear agreement to be its spokesperson and ambassador. O’Leary also requested that his compensation be paid in crypto, and managed on the FTX platform.
CNBC asked him about his reaction to FTX’s implosion. He said that he was “obviously frustrated, there’s no doubt about it… Like many shareholders, I’m disappointed. He stressed however that he was still a big advocate for blockchains and cryptocurrency. O’Leary continued:
It’s not my first bad investment and it’s probably not the last. However, I make more good investments than bad ones and learn from my mistakes.
Mr. Wonderful also tweeted about FTX Saturday, “As an Investor, you will not get it right every single time.” There will be mistakes. Sometimes they are big ones, like FTX. Learn from them so that you don’t make the same mistakes again. You will find that you make more good investments over time with experience.
He concluded his tweet with:
Crypto bottom is in
Shark Tank’s star explained how bottoms can be made in any market, including equities and debt, as well as real estate and crypto.
To get to zero, you always need a large player. It always gives you a good base when you get a large player that is over-leveraged and goes to zero. That always tends to be a beginning of the rebuilding process,” he explained in July. “Someone is on the brink. That’s ok. Actually, I think that’s a great thing. He stressed that at the time:
Someone is going to zero. I don’t know the name of the person, but it will be great news for everyone who survives, as everyone will learn from it.
In July, he warned of a major crypto panic. He stated that he didn’t believe that we have reached the bottom.
O’Leary Wants Crypto Regulation “Now”
O’Leary declared, “What’s going on now is there won’t ever be another situation like that for institutional investors ever again,” adding that institutions will no longer invest until the industry is regulated by the Securities and Exchange Commission or any other regulators. He revealed:
I’m going fly to Washington to demand regulation. I want it now. No more delaying. This puts immense pressure on the SEC.

Mr. Wonderful shared that he would like to see the Stablecoin Transparency Act pass. He said that it has been “floating around forever in Congress.” “We have to stop doing this for ourselves… It’s time for regulation to be implemented.
He explained that the Act allows people to “use the U.S. Dollar as a payment method,” and that he would stabilizecoins in all his businesses every day if it became law. He stated that it is far better than ACH, far better than SWIFT, faster, transparent, and more auditable. He predicted that bitcoin would rise when the Stablecoin Transparency Act passed earlier this month.
O’Leary, despite losing money investing in FTX isn’t deterred from purchasing more cryptocurrencies, stating that “I’m still going in crypto. I lost money… but that doesn’t stop my from buying more. I will do exactly that. Shark Tank star concluded:
This is a turning point in the industry, a maturation.
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