Kevin O’Leary Warns Massive Crypto Panic Event Incoming, Predicts Much of Industry Will Be Wiped Out

Shark Tank star Kevin O’Leary says he’s anticipating to witness an enormous capitulation occasion that may set off worry and panic amongst crypto buyers. 

In a brand new interview on YouTube funding channel Meet Kevin, the enterprise capitalist says he believes the underside just isn’t but in for digital property regardless that the market cap of the nascent trade has misplaced greater than half of its worth from its peak. 

“There’s no huge man who has gone to zero but, and I believe that’s nonetheless to come back. Arduous to say who it’s as a result of it’s going to be due to leverage and a few form of relationship in a counterparty holding that they haven’t disclosed, and I’m simply speculating proper now, however that will be very wholesome for the market to have that occur.

Voyager is just too small. It doesn’t matter. The remainder of these guys have been form of irrelevant by way of complete market cap. Bitcoin and the crypto market itself has nearly been minimize in half in complete market cap and so you’d suppose we’re on our technique to the underside.”

O’Leary is referring to crypto brokerage Voyager, a agency that filed for chapter 11 chapter earlier this month after an enormous borrower defaulted on a large mortgage.

The billionaire highlights that he’s nonetheless ready for an enormous capitulation occasion that will rock the crypto trade. 

“I like an enormous, huge panic occasion. That’s at all times been an effective way to backside. It’s towel throwing. It’s capitulation. It’s huge quantity. It’s complete panic within the streets and at all times an excellent shopping for alternative.

I don’t know who’s subsequent. Might be tomorrow morning, might be a month from now, however it’s coming to a theater close to you, and it’ll undoubtedly be an excellent factor for this trade. It’ll be an excellent factor as a result of it’ll take out the entire dangerous damaged enterprise fashions, the heavy leveraged [and] the hypothesis that was too dangerous.”

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