“Shark Tank” / ABC
- Kevin O’Leary told CNBC on Thursday that Bitcoin is inconsistent for financial markets and is at risk of regulation.
- His comments point to an increase in the number of organizations such as Guggenheim and Skybridge Capital, which invested more than 200% in 2020, investing millions in cryptocurrencies.
- “I’m looking forward to the day when any of these regulators come down hard on bitcoin. Raised men will cry when it happens. You’ll never see such a loss of capital in your life. It will be ruthless,” he said.
- Treasury Secretary Steven Muchin is proposing new regulation that would require certain cryptocurrency traders to provide more information about their identities and cryptocurrency transactions.
- See Business Insider’s homepage for more stories.
Kevin O’Leary told CNBC on Thursday that Bitcoin is irrelevant to financial markets and that the risk of regulation by institutional investors is also taken seriously.
‘Isn’t this a burger? It’s not a single cell amoeba, “said the chairman of O’Shares.
“I like to talk about it, it’s fun to watch it go up and down, but during the day when the llnt rings I don’t talk to anyone who cares about this. They don’t put the capital to work in Bitcoin.”
His comments come as more institutional players hedge against inflation by recognizing the legitimacy of Bitcoin as a store of value against inflation. Earlier this week, Skybridge Capital invested 25 million in a new bitcoin fund, while last month, Guggenheim filed for reserve rights to 10% of its 3 5.3 billion MacLar funds to invest in the Grayscale Bitcoin Trust.
O’Leary said the idea of a digital currency is likely to come in the future, but investors should be careful to give Bitcoin pride when it comes to playing a defined role in the financial markets and when it can still be controlled. This year, Bitcoin is more than 200% celestial, and many cryptocurrencies are predicting a growth explosion in 2021.
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However there may be rules for popular tokens. Treasury Secretary Steven Muchin is proposing new rules that would require certain cryptocurrency traders to provide more information about their identities and cryptocurrency transactions. This does not seem to have intimidated various institutional investors, but Liri, who said he has cryptocurrencies. 52.77, he is more concerned.
“I’m looking forward to the day when any of these regulators come down hard on bitcoin. Raised men will cry when it happens. You’ll never see such a loss of capital in your life. It will be ruthless,” he said.
O’Leary added: “This whole market, even if Bitcoin were to go up, is completely irrelevant to another 2000% institutional client.”
