Shark Tank reality TV star Kevin O’Leary gave an exclusive comment to Cointelegraph regarding the current situation in the cryptocurrency market. He believes that the industry has to “hit bottom” before the next big rally, which will lead to “total panic” and an exodus of “weaklings and idiots.”
According to O’Leary, the segment needs such a shake-up. The expert operates with the notion of a “really big failure,” which often preceded the rise in other economic cycles in the cryptocurrency segment.
As for “high-profile fails” in the industry, for example, with Celsius and Voyager, O’Leary blames “idiot managers” for them. According to the expert, this was simply unavoidable. The outflow of “weak” managers from the market would make the market healthier, to be followed by rapid growth.
The entrepreneur did not ignore the collapse of Terra. O’Leary also considered this collapse a positive factor. At the same time, he warned other companies not to repeat the fate of the disgraced blockchain. The expert said that Tether needs to strengthen its position, alluding to the USDT slump to $0.95 in May.
Earlier this week, in an interview on YouTube channel Meet Kevin, O’Leary predicted the “fall” of one of the “whales” of the cryptocurrency market. The expert did not specify exactly who it would be, but said that the segment has yet to experience a real panic.
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