Crypto Exchanges Will Continue to go Bankrupt – Kevin O’ Leary
Kevin O'Leary, a prominent venture capitalist and former supporter of the now-defunct FTX cryptocurrency platform, recently shared his critical views on unregulated crypto exchanges.
The “Shark Tank” star argued that digital asset exchanges will continue to go bankrupt without strong regulations, according to a Twitter post from February 23.
This tweet has received criticism from the crypto community, some of whom believe O’Leary’s negative views may stem from his experience with FTX.
Others have suggested that his comments could be directed at Binance, a rival crypto exchange.
READ MORE: Hedge Fund Veteran Ray Dalio Believes Bitcoin is Not a Good Store of Wealth
Defense lawyer John E. Deaton, who covers the legal battle between Ripple and the SEC, retorted by implying that O’Leary has no right to judge crypto businesses, particularly given FTX founder Sam Bankman-Fried’s ongoing legal troubles.
O’Leary has urged the need for regulation in the crypto industry, believing that it would minimize the influence of rogue players and prevent future bankruptcies.
Not long ago, in an interview with Scott Melker, the venture capitalist expressed his belief that a major part of the cryptocurrency market consists of useless tokens. He thinks that half of all cryptocurrencies will disappear in time.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
