Shark Tank star Kevin O’Leary predicts a massive capitulation event that will cause fear and panic among investors.
In a new interview on the YouTube investment channel Meet Kevin, the venture capitalist said he believes digital assets haven’t bottomed out despite the nascent industry’s market capitalization has lost more than half its value compared to the peak period.
“There’s no big guy who has gone to zero yet, and I think that’s still to come. Hard to say who it is because it’s going to be because of leverage and some kind of relationship in a counterparty holding that they have not disclosed, and I’m just speculating right now, but that would be very healthy for the market to have that happen.
Voyager is too small. It doesn’t matter. The rest of these guys were kind of irrelevant in terms of total market cap. Bitcoin and the crypto market itself has almost been cut in half in total market cap and so you would think we’re on our way to the bottom.”
Kevin O’Leary was referring to crypto brokerage Voyager which filed for Chapter 11 bankruptcy earlier this month after being defaulted on by a large borrower.
The billionaire emphasized he is still waiting for the major capitulation event that will shake the crypto industry.
“I like a big, big panic event. That’s always been a great way to the bottom. It’s towel throwing. It’s capitulation. It’s massive volume. It’s total panic in the streets and always a great buying opportunity.
I have no idea who’s next. Could be tomorrow morning, could be a month from now, but it’s coming to a theater near you, and it will definitely be a very good thing for this industry. It’ll be a great thing because it’ll take out all of the bad broken business models, the heavy leveraged and the speculation that was too risky.”
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