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Shark Tank star Kevin O\u2019Leary, also known as Mr. Wonderful, has warned about regulators coming down hard on bitcoin. In addition, he says that \u201ceven if bitcoin were to go up another 2,000%, it\u2019s completely irrelevant to institutional clients.\u201d<\/strong><\/p>\n Canadian investor and television personality Kevin O\u2019Leary talked about bitcoin in an interview on Thursday with CNBC\u2019s Squawk Box.<\/p>\n O\u2019Leary was asked whether he had changed his mind about bitcoin from thinking that it was \u201cnot a real currency\u201d to investing in it and possibly buying more. \u201cLet me be clear \u2026 I\u2019ve been a cryptonian for years,\u201d the Shark Tank star replied.<\/p>\n Whipping out his phone, he said, \u201chere is my bitcoin wallet. At the time, all you can get was ethereum, XRP<\/a>, bitcoin, litecoin, stellar lumen, and bitcoin [cash]. I bought this at the last craze. I put $100 to work here. This morning it is worth $52.77 because not all cryptocurrencies are the same, clearly.\u201d He elaborated:<\/p>\n I\u2019m involved in this because it\u2019s fun but this is not an institutional product \u2026 This whole market, even if bitcoin were to go up another 2,000%, is completely irrelevant to the institutional clients.<\/p>\n<\/blockquote>\n Reiterating that he owns bitcoin, O\u2019Leary noted, \u201cI ride with it on the weekends,\u201d but emphasized that \u201cyou can\u2019t put this into a fiduciary product \u2026 it\u2019s irrelevant to financial markets.\u201d<\/p>\n He clarified that \u201cThe real problem is if you get involved in this as a fiduciary, and it gets regulated, and it gets cut in half or goes to zero, who knows what, you have never seen the mother of class action lawsuits that\u2019s coming from that one.\u201d<\/p>\n O\u2019Leary was asked to comment on how the Dallas Mavericks, the professional basketball team owned by his fellow Shark Tank star Mark Cuban, recently began to offer merchandise discounts to customers paying with bitcoin. \u201cThat\u2019s another arena \u2026 where you can see legitimacy to bitcoin from people like Mark Cuban, your buddy, who\u2019s trying to make this into a more relevant part of people\u2019s lives,\u201d said the CNBC host. Cuban also recently said bitcoin was more of a religion<\/a> than a solution to anything.<\/p>\n \u201cI know Mark quite well, he also was quoted saying he thinks bananas are bigger common currency and he is probably right,\u201d O\u2019Leary said, adding:<\/p>\n My whole point is for all of us \u2026 who monitor and work within the financial services\u2019 multi trillion dollar global industry, is this a nothing burger? It\u2019s not even a single cell amoeba.<\/p>\n<\/blockquote>\n <\/ins> <\/ins> <\/p>\n The Shark Tank investor proceeded to detail that \u201cThe financial markets deal with regulators, and you can only operate within the confines of those rules, and so when we glorify something like this [bitcoin], it really has nothing to do with the financial markets that make the whole world work. And no institutional sovereign fund investors I\u2019ve ever talked to has said to me go index all of the cryptocurrencies for me.\u201d<\/p>\n Asserting that the institutional investors he talked to do not want to own bitcoin because \u201cthey fear the regulator,\u201d O\u2019Leary warned:<\/p>\n Watch what happens one day and I\u2019m waiting for this one. I\u2019m waiting for the day that one of these regulators come down hard on bitcoin. Grown men are going to weep when that happens. You will never see a loss of capital like that ever in your life. It will be brutal. And, I\u2019m just saying you have to get ready for it.<\/p>\n<\/blockquote>\n Meanwhile, a growing number of institutional investors are investing in bitcoin. Bitgo<\/a> recently said that it is seeing \u201cunprecedented institutional interest\u201d and Skybridge<\/a> Capital has launched a bitcoin fund, expecting an \u201cavalanche of institutional investors.\u201d More banks have also started offering crypto services to institutional clients, such as Standard Chartered Bank<\/a>. In terms of regulation, the Financial Crimes Enforcement Network (FinCEN) recently proposed new rules affecting cryptocurrency wallets<\/a>.<\/p>\n Do you agree with Kevin O\u2019Leary? Let us know in the comments section below.<\/strong><\/em><\/p>\n The post Shark Tank\u2019s Kevin O\u2019Leary Warns Regulators Will Come Down Hard on Bitcoin \u2014 \u2018It Will Be Brutal\u2019<\/a> appeared first on Bitcoin News<\/a>.<\/p>\nKevin O\u2019Leary Warns of Brutal Bitcoin Regulation, Says Bitcoin Is Not an Institutional Product<\/h2>\n
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