The star of Shark Tank, Mr. Wonderful or Kevin O’Leary is a Canadian businessman and entrepreneur. He initially expressed his skepticism towards cryptocurrencies. He told CNBC that Bitcoin is “a digital game and a useless currency.”
In his recent interview with Kitco, O’Leary said, “I’ve been back in the crypto markets lately. Every time Bitcoin drops below $17,000, I add to our positions there.” Crypto is getting more interesting just because “we’re finally starting to see the regulatory gatekeeper come into play and I think in the long run that’s a good thing.”
In May 2021, O’Leary said in a podcast that he allocated 3-5% to Bitcoin. He had become a strategic investor in the decentralized financial platform, WonderFi Technologies. Later in August 2021, it was announced that he would take a stake in Sam Bankman-Fried’s FTX to become its spokesperson and ambassador.
But unfortunately, O’Leary was sued in a class action lawsuit in November 2022 for suing individuals promoting FTX.
During the interview, O’Leary talked about the Senate hearings. He said, “I was in the last hearings and when I had a chance to talk to the people on the Hill…I felt they were frustrated now. They’re tired of holding these hearings every six months, every time one of these crypto companies blows up and goes down to zero.
O’Leary further added about the regulation of crypto exchanges. He says that “unregulated crypto exchanges are all going to suck. And what will eventually come out of this is a regulated crypto market which I think will be very interesting because there is real merit… Crypto itself is not the bad guy.”
Mr. Wonderful described that “Crypto is just software code. It’s not the software code, it’s all these rogue players and unregulated exchanges and the issuing of all these worthless tokens, the tokens on the exchanges. All that bullshit… It’s all gonna go away.”
O’Leary did not reveal the name of crypto Exchange, but noted that “all major unregulated exchanges are incentivizing account holders and users to purchase their tokens for trading fee discounts.”
After that, exchanges put the user’s tokens on their balance sheet at a “ridiculous valuation” and when asked about ownership “97% of them belong to the issuer, and you don’t know who is that person because it’s just a wallet without a name on it, and the other 3% values it at 60, 70, 80, 90 or 100 billion dollars,” he added.