Why crypto market is down today, Kevin Oleary etf say bitcoin at risk 2021

Kevin O'Leary says that Bitcoin is meaningless, while investors 'weep' if regulators crypt down hard,
  • On Thursday, Kevin O'Leary told that bitcoin is obsolete and at risk of control to financial markets.
  • He said that more and more institutions like Guggenheim and SkyBridge are investing millions of capital in crypto-currency, pushing a rally of more than 200% by 2020.
  • "I expect one such regulator to weep hard at Bitcoin on the day it comes down. Grown men will weep when this happens. You will never see a loss of such a capital in your life.
  • Secretary of Treasury Steven Mnuchin introduces new rules requiring some traders to provide additional information on their identities and crypto-monnaies.

On Thursday Kevin O'Leary told that Bitcoin is meaningless to financial markets and too dangerous to institutional investors to take legislation seriously.

 Kevin Oleary
 Kevin Oleary

"Is it nothing burger?" said O'Shares chief, "it is not even a single cell amibe."

"I love speaking, it is fun to watch, but I don't talk to anyone concerned about that, during the day when the bell rings, they don't put the money into Bitcoin." "I like to talk about that," he says.

More institutional players, he remarks, validating the validity of Bitcoin as a store of value and a protection against inflation. Earlier in this week, SkyBridge Capital invested $25 million in the new Bitcoin fund and last month Guggenheim demanded a right to invest in the Grayscale Bitcoin Trust for 10 per cent of their $5.3 billion Macro Opportunities Fund.

The idea of digital currency, O'Leary said, is likely to be effective in the future, but investors should be careful to glorify bitcoin while it still has a specified position on and will continue to be regulated in financial markets. Bitcoin has risen more than 200 percent this year and several crypt bulls expect a growth explosion in 2021.

Read more: A $5-billion leading market analyst discusses why she favors pandemic recovery preferences for a 2021 rally - and she reveals the 2 that she recently added.

Although the common token may have regulations. Steven Mnuchin, Treasury Secretary introduces new legislation that require some crypto-monetary traders to include more detail about identity and crypto-monetary transactions. Although many institutional investors do not seem to panic, it worries O'Leary, who has said that he has $52.77 in a crypto wallet.

"I expect one such regulator to weep hard at Bitcoin on the day it comes down. Grown men will weep when this happens. You will never see a loss of such a capital in your life.

"This whole market, even if Bitcoin were to go up, another 2000 percent is completely irrelevant to the institutional client." added O'Leary.

Morgan Creek's Anthony Pompliano and Kevin O'Leary debate Bitcoin
The Treasury Department is proposing a new regulations surrounding cryptocurrency last week, but with Bitcoin sitting well over $20,000, could it still be a good play for your portfolio? Anthony Pompliano, co-founder and partner at Morgan Creek Digital Assets, and Kevin O’Leary, chairman of O’Shares ETFs and co-host of “Shark Tank," join "Squawk Box" to discuss.
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