Just In: Kevin O’Leary Says ‘No Choice With Crypto’ After Hot Inflation Data

October 13, 2022

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After the crypto market saw yet another macro setback, shark tank fame Kevin O’Leary spoke on the industry’s future. The popular investor has recently changed his opinion on the scope of cryptocurrencies after being a skeptic of the emerging assets. In fact, he revealed interesting facts about his investments in cryptocurrencies earlier this year. About one-fifth of Kevin O’Leary’s investment holdings are in crypto. A majority of his crypto investments constitute crypto tokens, currencies, and companies. At the time, he said 20% of my portfolio is now in cryptocurrencies and blockchain

In a latest, he indicated that the future of crypto and NFTs is the one area he feels strongly about. Also, the investor recently made some interesting comments on how the authorities should go about regulating the crypto market. Earlier on Thursday, the U.S. Bureau of Labor Statistics consumer price index (CPI) data revealed worse than expected results. There was a sharp fall in crypto prices after the CPI data showed consumer prices increased by 0.4% in September.

Kevin O’Leary Reiterates Confidence In Crypto, NFTs

The Shark Tank personality has on several occasions in the past expressed high confidence in cryptocurrencies. In March this year, the businessman said there was capital investment coming in to crypto industry from across the globe. The growth rate for Bitcoin, Ethereum and Polygon is phenomenal, he said at the time. In his latest comments, O’Leary affirmed that the crypto opportunity is more like a take it or leave it offer. “You can’t stop it, you either join the wave or get lost!” he said in a LinkedIn post. He added that people have no choice but to get with crypto irrespective of the criticism.

“There are people that criticize me on this, but this is one of the reasons I feel so strongly about the future of crypto and NFTs. When you have new technology emerging that can drastically boost our level of productivity and improve how we process transactions globally, you have no choice but to get with it.

‘Stablecoin Regulation First Priority’

In a recent interview, Kevin O’Leary said it would make sense to regulate the stablecoins first. He added that it would not be ideal to have a blanket bill for all types of cryptocurrencies. Stablecoins could be useful right now, he said.

Meanwhile, Bitcoin (BTC) price is showing signs of recovery after a sharp decline following the inflation data release. As of writing, BTC price stands at $18,921, down 1.08% in the last 24 hours, according to price tracking platform CoinMarketCap.