A renowned celebrity Kevin O’Leary warns Bitcoin’s fans and enthusiasts of strict regulation by crypto regulators. Says if Bitcoin is selling off for two-thousand percent above its current value, even then investors would not hesitate. But if Bitcoin is regulated then it will collapse as if it never existed.
Kevin O’Leary who earned his fame through a TV show called “Shark Tank” recorded an interview with Squawk Box at CNBC on Thursday. In his interview, the famous celebrity and renowned crypto investor talked about Bitcoin and its current price surge.
During the interview Squawk Box’s team asked him a particular question as to what he thought about Bitcoin. He answered without hesitation that he had been an investor in the crypto industry for a very long time. He added that Bitcoin had been one of his top choices of investment. He even showed his digital wallet on his mobile phone to the interviewer and told him to see how many cryptos he owned.
O’Leary also told that investing in crypto was like a fun game to him and he loved to play it. He added furthermore that if Bitcoin’s value was to increase about two-thousand percent more even then it would not affect institutional investment. He explained that even if Bitcoin was to be sold for US$ 100 K even then investors would not hesitate to invest in it.
To him the real problem was the regulator, he said. O’Leary told that the moment Bitcoin is being regulated, no one would know where it would lead then. Bitcoin may be cut in half or brought down to zero and this could happen in strict regulation, he said.
He went on to state how regulators deal with financial markets in normal circumstances. He pointed out that financial markets had been more subservient to the rules and regulations imposed by regulators. However, the crypto industry and in particular Bitcoin could not be made subservient to regulation. If someone would try to do that then Bitcoin will most likely crash as if it never existed.
He continued with his earlier point of view regarding more institutional investment for Bitcoin. He said that those whom he is known for quite a long time from the institutional sector had been reluctant to invest in Bitcoin.
He explained that their only fear had been the “regulator”. He said that he was persuaded to agree with them because one day the regulators would come after Bitcoin. They would bring down their wrath upon Bitcoin, he said. That would be the time when crypto investors would be mourning and that time is nearing, he suggested.
In the end, he said that whatever he said would going to happen sooner or later. He said that when this will occur, mankind would be seeing a capital loss that had never been witnessed in history ever.