Shark Tank star Kevin O’Leary claims the uncertain regulatory environment of the US will help to bring new & high-compliance crypto companies in other non-US countries & that will replace the existing crypto exchange’s dominance.
Kevin O’Leary is a 69-year-old Canadian businessman, investor, & also TV personality. He is popular in the world because of the Shark Tank show. Kevin was not always a big fan of cryptocurrencies before 2020. In 2019, the Shark Tank star called Bitcoin a digital game & garbage but now his 3% investment portfolio contains cryptocurrencies and he wants to increase his investment by 100%.
Recently he appeared in an interview with Fox Business and there he talked about the positive things that can happen in the future because of the current hostile regulatory environment in the US.
According to the Shark Tank star, the majority of the investors are not looking to bargain or wait for the regulatory development for the crypto sector in the US, instead, they will simply leave the focus from the US crypto sector to invest in other non-US & crypto friendly countries.
Kevin said that Abu Dhabi emerged as the best choice for Investors to invest money in a new crypto platform and that will change the crypto exchange’s current standard, as that will be backed by 100% of the funds & also liquidity will not be necessary to purchase Bitcoin.
“It’s going to become the new standard in exchanges because you can’t hold Bitcoin without an exchange for liquidity,” Kevin added.
Furthermore, Kevin said that the rapid development of the Crypto sector in Abu Dhabi will act as a catalyst for American regulators & lawmakers to develop rules for the crypto sector so that crypto companies can provide services in compliance with the laws.
It is worth it to note that Kevin was one of the top promoters & paid spokespersons for the FTX crypto exchange which went bankrupt in Nov of last year.
In the past, Kevin received nearly $15 million from the FTX marketing team to promote FTX as the best crypto exchange. He was holding all those funds on the FTX exchange and with this bankruptcy all funds went with the exchange.
Following this report, many people alleged that Kevin started to support the crypto sector & started investing in cryptocurrencies just after he received $15 million from the FTX exchange and he was responsible for the fraud that happened with those former FTX customers who used FTX crypto services on behalf of Kevin’s promotional activities.
Read also: SEC sues former FTX crypto exchange auditor