Benzinga – Entrepreneur and TV personality, Kevin O’Leary, on Tuesday said that the era of “crypto cowboys” is coming to an end as the cryptocurrency industry gradually shifts towards regulation.
What Happened: O’Leary, expressed his views during an interview on CoinDesk TV, emphasizing that the founders of the crypto industry will soon face regulatory challenges.
“All the crypto cowboys that were the founders of this industry…they’re all going to be gone soon. … They all have arrows in their backs,” he said.
“The promise of crypto still remains, it’s still there,” O’Leary acknowledged, despite the impending changes. However, he stated that he would only get involved in an exchange if it adheres to 100% compliance standards.
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Why It Matters: During a Wednesday Benzinga’s Crypto Unlocked event, O’Leary engaged in a conversation about the future of cryptocurrency, specifically discussing the impending end of the industry’s “Wild West” period.
“It’s over. That’s got to stop. And we’ve got to figure it out,” O’Leary stated, emphasizing the need for a regulatory framework that supports institutional investment while effectively tackling fraudulent activities within the crypto space.
“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.
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.
Photo by Kathy Hutchins on Shutterstock
Price Action: At the time of writing, BTC was trading at $27,362.22, down 0.86% in the last 24 hours, according to Benzinga Pro.
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