Kevin O'Leary Believes Collapse Of Crypto Market Good For Cryptocurrency Industry, Could Clean Shitcoin?

Crypto market down is considered good. (photo: Decrypto)

JAKARTA – Canadian businessman, entrepreneur, and television presenter Kevin O'Leary explained that the crypto market is experiencing a huge panic. He also stated that he had not seen the bottom (dip) of the current market decline.

"I can't believe we've seen the bottom line and I have a different view on that," O'Leary said.

The figure nicknamed Mr. Wonderful shared his views on crypto in an interview on the Meet Kevin YouTube channel last week. When he was asked if Bitcoin's price could drop to the $13K many predict, O'Leary said no one knows the bottom line.

"It's impossible to know where the bottom is," O'Leary replied.

"I can't believe we've seen the bottom of it and I have a different view on that," he added.

Furthermore, O'Leary stated that while the downturn is predictable it is very difficult to know which crypto companies will fail, “because it will be because of the influence and some kind of relationship in the holding partner that they haven't disclosed.”

He said crypto lending platform Voyager had filed for bankruptcy last week. “These others are somewhat irrelevant in terms of total market cap,” he argues.

Although the crypto market has experienced a significant decline, O'Leary admits he likes this condition. Furthermore, he judged this massive decline as the best opportunity to buy.

The crypto market correction that occurred in the last few months is considered a good thing because it can get rid of broken and bad business models, as well as various other crypto tokens that have no utility and good projects.

“This is definitely going to be a very good thing for the industry. This would be a great thing because it would eliminate all the bad and broken business models, big leverage, too risky speculation,” according to O'Leary.