O’Leary says crypto bottom is in after FTX’s collapse
Shark Tank star Kevin O’Leary confirmed that he invested in the collapsed crypto exchange FTX.
Tue, 15 Nov 2022, 05:28 am UTC
Shark Tank star Kevin O’Leary confirmed that he invested in the collapsed crypto exchange FTX. However, he views the platform’s collapse as a turning point for the digital asset industry and that the “crypto bottom is in.”
O’Leary revealed his investments in FTX as well as his ties to the company after it filed for Chapter11 bankruptcy. He has signed a multi-year deal with the crypto exchange to be its ambassador and spokesperson while he also has an equity stake in the company, Bitcoin.com reported.
“Obviously, one of frustration, there’s no question about it … I’m disappointed like many shareholders,” O’Leary told CNBC when asked about FTX’s collapse. However, he maintains that he is still “a huge advocate for the potential of blockchains and cryptocurrencies” despite what happened to the crypto exchange.
He simply views it as a case of bad investment decisions. “It’s not the first time I’ve made a bad investment, probably not the last time, but luckily I make more good ones than bad ones and I learn from my mistakes,” he explained.
He also reiterates this view in a Twitter post on Saturday. As an investor, he explained that making mistakes is inevitable and the best thing one can do is learn from these bad decisions. However, he indeed his tweet on a more positive note by saying that the crypto market’s bottom has already arrived.
“As an investor, you will never get it right every time,” O’Leary tweeted. “You will make some mistakes. Sometimes big ones like FTX. The key is to learn from them so you don’t repeat. Over time, experience will get you to a place where you make more good investments than bad. Crypto bottom is in!”
“You always need a big player to go to zero … It always gives you a good bottom when you get a large player over-leveraged that goes to zero, and that always tends to be the beginning of the rebuilding process,” he explained back in July. “Someone is out there on the brink of zero. That’s ok. In fact, I would argue that’s a good thing.”
His losses in FTX have not deterred O’Leary from investing in cryptos. “I’m still going to invest in crypto. I lost money … doesn’t stop me from buying more. I’m going to do just that,” he said. “This is actually a turning point for this industry, a maturation for this industry.”
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