Determining whether the crypto market has bottomed is only possible with a serious negative event. This view was voiced by investor and Shark Tank star Kevin O’Leary in a comment to CoinDesk.
“You won’t get a bottom until you have a catalyst,” the speaker emphasised.
The TV star added that for involved players this is clearly not a positive moment. In his view, ‘panic defines the bottom’, as the market capitulates at lows and slowly recovers.
O’Leary serves as a strategic investor in Canadian DeFi platform WonderFi Technologies. He outlined his view of the crypto market situation ahead of the company’s listing on the Toronto Stock Exchange.
PRESS RELEASE: WonderFi Announces Conditional Approval to List on the Toronto Stock Exchange pic.twitter.com/WVcOjaWd9M
— WonderFi (@WonderFi) June 15, 2022
The investor also called the current market crash a boon for WonderFi. According to him, volatility has increased trading activity on the platform.
O’Leary added that broader adoption of digital assets among institutional investors requires further regulation. He says the starting point should be with stablecoins, the Shark Tank star believes.
Earlier O’Leary stated that he holds almost 10% of his capital in cryptocurrencies. He says he owns Ethereum and the stablecoin USD Coin (USDC).
In January 2022 the investor spoke of interest in purchases of mining company stocks that use green energy, and in April — investments in Bitcoin and Solana.
In early June, BitMEX co-founder Arthur Hayes said about the passing of the first and second cryptocurrencies local bottom.
In May, the author of the bestseller “Rich Dad, Poor Dad” and entrepreneur Robert Kiyosaki predicted Bitcoin would test the $17,000 level.
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