Almost Half of All Cryptocurrencies Will Go to Zero – Kevin O’Leary
During an interview with Scott Melker, venture capitalist and Shark Tank host Kevin O'Leary predicts that cryptocurrency exchange Binance may soon come under regulatory pressure.
O’Leary stated that he considers all unregulated exchanges to be a risk and that the shareholders of Binance should be concerned about the attention the company is receiving from regulators worldwide.
“I do not place my assets in any exchange that is not regulated, whether decentralized or centralized. This does not affect me as I do not possess any of it. However, I presume that the shareholders of Binance would be worried about the increasing regulatory activity surrounding the exchange, not just from US regulators, but regulators worldwide.”
He went on to say that the management of Binance should work towards settling with regulators, even if it incurs a cost, as there is significant value in having a properly licensed and large platform like Binance.
“However, while regulators across the globe are investigating the exchange, no institution will touch it. The scrutiny is only expected to intensify as more hearings take place,” O’Leary added.
Regarding the current state of the crypto industry, he remarked that it is still filled with a large number of worthless coins and projects, most of which have no future. In his opinion, at least 10,000 crypto tokens will eventually become worthless due to a lack of volatility and volume and will eventually be eliminated from the market.