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    Home»News»Kevin O’Leary Predicts More Crypto Meltdowns
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    Kevin O’Leary Predicts More Crypto Meltdowns

    Anietie DavidBy Anietie DavidJanuary 19, 2023Updated:January 19, 2023No Comments2 Mins Read
    Kevin O'Leary Predicts More Crypto Meltdowns 
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    Kevin O’Leary – a popular Canadian investor and host of the TV show Shark Tank – believes the unregulated cryptocurrency environment will cause the collapse of other companies. However, he remains a proponent of the industry, admitting that he invested 5% of his wealth in bitcoin.

    Kevin O’Leary recently predicted that the downfall of FTX won’t be the last similar occurrence in the cryptocurrency field in an interview with Kitco News. According to him, certain “unregulated exchanges” are reluctant to collaborate with an auditing company to offer reliable liquidity information, which has turned institutions away.

    “If you’re asking me if there’s going to be another meltdown to zero? Absolutely. One hundred percent it’ll happen, and it’ll keep happening over and over and over again.”

    Recall that Mazars Group, an auditing firm, recently ceased all engagement with cryptocurrency clients owing to concerns about how platforms portray their proof-of-reserves (Binance and Crypto.com were previous clients).

    “Frankly, you know, it’s very hard to find an auditor that wants to touch this stuff right now because of the unregulated cowboy environment. It’s all going to end, and yes, there’ll be many more zeros,” the Canadian added.

    Despite his concerns with trading venues, O’Leary remains a keen supporter of the digital asset industry, particularly bitcoin. He admitted buying BTC amounts recently, while in total, his allocation to it represents 5% of his wealth.

    Kevin O’Leary Saga With FTX

    Before the exchange’s demise, the businessman was one of FTX’s most ardent supporters. He signed a $15 million contract to serve as its ambassador. O’Leary also declared in October last year (a few weeks before the infamous crash) that the platform is among the safest places for investors.

    "If there's ever a place I could be that I'm not going to get in trouble it's going to be at FTX" – Kevin O'Leary, Oct 12, 2022 https://t.co/2dDzfbB8eY @SBF_FTX @FTX_Official @kevinolearytv pic.twitter.com/QIAPL2dYJY

    — Fred Radford.eth (@FredRadford) November 10, 2022

    Kevin O’Leary also owns 139,000 Class A Common Shares and 12,631 Series A Preferred Shares of West Realm Shires, the company that controls FTX US, and 25,944 Common Shares and 6,486 Series B-1 Preferred Shares of FTX Trading, respectively, through his investment company O’Leary Ventures.

    He has since lost all of those funds but refused to classify Sam Bankman-Fried (the former CEO of FTX) as a fraudster. 

    Cryptocurrency FTX Kevin O'Leary
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    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

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