Shark Tank investor Kevin O’Leary, who has invested in 31 altcoin projects, says he expects to see an important event that will put crypto investors in a state of fear and panic.
Kevin O’Leary says most of the altcoin market will be wiped out
We covered which altcoin projects Kevin O’Leary has invested in in this article. In a recent interview with the investment channel Meet Kevin on YouTube, the venture investor claims that although the market value of the young industry has fallen by more than half since the peak, the bottom is still not reached. In part of the interview, O’Leary says:
No great man has yet reached zero. I believe this will take some time. It’s hard to determine who it is because of the leverage. I’m just guessing right now. But its realization would be extremely positive for the market. I think the Voyager company isn’t big enough. In terms of market value, the other members of this group were mostly insignificant. Considering that the overall market cap of Bitcoin and the cryptocurrency market has almost halved, you might believe we are nearing the bottom.
O’Leary cites cryptocurrency brokerage firm Voyager, which filed for Chapter 11 bankruptcy after it missed a major loan payment from a key borrower earlier this month. The billionaire says he is still on the hunt for a major capitulation event that will shake up the cryptocurrency market:
I like big panic events. This has always been a great way to hit bottom. Throwing towel. It is surrender. It has enormous volume. The streets are in complete chaos. This is also usually a great time to buy. Not sure about the next person. It may come to a movie theater near you tomorrow or a month later, but in any case, it will undoubtedly be incredibly beneficial for the industry. It will be great because it will remove all the terrible, failed business models, heavy debtors and overly dangerous speculation.
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