Benzinga - "So, you're looking at the ending of the Wild West period of crypto. Is that kind of what we're talking about?" This question, posed by Kevin O'Leary during a recent discussion at Benzinga's Crypto Unlocked event, set the stage for a candid conversation about the future of cryptocurrency.
"Yes. And it's a good thing. Listen, I'm an investor. I want to see Bitcoin (CRYPTO: BTC) at a hundred thousand dollars. It's never going to get there, ever, if it's never going to be owned by institutions. It's never going to be owned by institutions where the next crypto exchange gets sued every week. It's over. It's over. That's got to stop. And we've got to figure it out," O'Leary said.
The Shark Tank star and financial expert elaborated on the crucial need for institutional investment to drive the value of cryptocurrencies like Bitcoin to new heights. "If we want institutions to get a 1% to 3% allocation so that you can start to see capital appreciation on crypto assets, we're going to need real money. We can't do it with the crypto community. It's too small. There's a fraction. It's a tiny, tiny, tiny fraction of the world financial system."
"We've got to open it up, and we've got to get rid of the role players and the fraudsters, and you know, that's over. It's just over. And it's boring too. I'm sick of it," he added.
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The discussion, which took place ahead of Benzinga's upcoming conference in New York on Nov. 13, brought to light the challenges and opportunities facing the crypto space. O'Leary's candid remarks underscore the need for a regulatory framework that encourages institutional investment while mitigating risks associated with fraudulent activities in the crypto space.
O'Leary is slated to be a keynote speaker at Benzinga's Fintech Deal Day & Awards, where attendees can use the code BZFINTECH to receive a 20% discount on their ticket purchase. The event, happening at Convene in NYC, will be followed by Benzinga Future of Digital Assets, further diving into the evolving landscape of cryptocurrencies and digital assets.
His conversation with Benzinga highlighted the urgent need for a shift from the 'Wild West' era of crypto, which has been characterized by a lack of regulation and a high level of speculative trading, to a more mature and stable financial ecosystem that can attract substantial investments from institutional investors.
It's clear from O'Leary's insights that for cryptocurrencies to realize their full potential, embracing institutional investment is a necessary evolution.
"We've got to get rid of the role players and the fraudsters" says @kevinolearytv at Crypto Unlocked, advocating for institutional crypto investment.© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Catch him as a keynote speaker at Benzinga Fintech Deal Day & Awards.
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