Kevin O’Leary: I invested in FTX. Here’s the big problem with crypto.

Crypto is a lot of things, but it isn’t a currency according to Shark Tank investor Kevin O’Leary, aka “Mr. Wonderful." What would it take to get there?

Is the collapse of a $25 billion cryptocurrency startup a death knell for the industry? Not according to Kevin O'Leary, an investor, businessman, and author. He sees the failure of FTX as a speed bump rather than a roadblock, underscoring the distinction between speculative assets like Bitcoin and more stable entities like Stablecoins.

Despite the turmoil, O'Leary maintains that the potential of cryptocurrencies remains vast. He foresees their integration into the global economy but contends that this can only happen successfully with appropriate regulation to curtail the sector's “Wild West” tendencies. As the cryptocurrency community awaits the final outcome of the SEC’s lawsuit against Ripple and other companies, it remains to be seen whether or when digital assets will be incorporated into our daily economic lives.

0:00 FTX's "utter catastrophe"
0:58 What crypto is missing
1:23 Speculative assets vs. stable coins
3:10 Should we trust the government to regulate crypto?
5:45 Where do we go from here?

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About Kevin O’Leary:
Kevin O’Leary, known as “Mr. Wonderful” and “Uncle Kevin,” is a businessman, TV personality, and investor. Co-founder of SoftKey International, he orchestrated its $4.2 billion acquisition by Mattel. O’Leary later ventured into asset management and became a prominent investor on the TV show “Shark Tank,” where he delivers candid business advice and cuts deals with his famous no-nonsense approach. He is also currently chairman of O’Leary Ventures and promotes financial literacy by empowering individuals with pragmatic guidance and best-selling books, such as “Cold Hard Truth” and “The Cold Hard Truth on Men, Women, and Money.”

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Read more of our stories on crypto:
“Impulsive psychopaths” are drawn to Bitcoin and other crypto
Cryptocurrency and the “greater fool” theory of economics
Behind the crypto hype is an ideology of social change

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Want more Big Think?

[RobChapman-Smith]

Hey y'all, this is Rob, I'm the Editor-in-Chief of Big Think.

I see many folks are wondering why we had Kevin O'Leary on to talk about the future of crypto.

In my view, one of Big Think's essential functions is to use our platform as a library of perspectives. Kevin O'Leary's opinions and involvement within crypto placed him at the center of one of the biggest financial scandals since Enron. In addition, his opinion on crypto has shifted numerous times, but it's always been delivered within the context of shouty talking head-style interviews.

Given that neither the FTX nor crypto stories are finished, I felt it was worthwhile for Big Think to speak with Mr. O'Leary about his updated thoughts, given that they could be relevant in the future and, if he changes his opinion, there's a clearly articulated version of his previous argument.

No Big Think video is ever an endorsement of a person's views; it is always chosen with an eye toward opinions worth considering or having recorded. We are obviously always open to your feedback if you think this was a miss.

[patriciazandilencube]

Alternative title 'Kevin O'Leary tries to do damage control and distance himself from crypto after pushing it onto people who have now lost their savings and lots of hard-earned money'.

[davidblake]

It's like having a bank robber on to explain that banks should have better security - and then the baddies won't rob them.

[rannyorton]

I started investing about 2 years ago. But with the way things are going, I honestly do not see my self making a million box anytime soon. I trade on stocks but my profit and loss margin are grossly miles apart

[dawgg]

I’m glad this Sam Bankman-Fried got his justice. This case made me sick. He ruined other people’s life savings. And now we have a major precedent for anti-fraud in crypto.

[JPaige-thwe]

He did not tell you that he lost Millions and then went and cried to congress and tried to put the blame for FTX failing on someone else.
He is not Mr. Wonderful. He is Mr. Greed.

[LeeScherlpc]

Yuck. Advice from the guy who recently said he'd willingly invest with SBF again, after shilling that Ponzi scheme to whoever would listen. A guy who will lend his name to any company that pays him a thousand bucks online (see Cameo/coffeezilla). Probably would be smart to keep a clearer distinction between Big Think and unscrupulous guest speakers.

[el_argent]

This guy personifies everything that is wrong with the monetary system

[djankovski]

Why is Big Think risking their reputation by giving this guy a platform? He's a grifter who understands everything at a surface level.

[Oneofakind]

Don't trust anyone calling himself Mr Wonderful 😂

[kenambo]

I used to like Big Think but this is a low point.

[mayajade]

Startup yes, but he stood by them and pushed it on many people

[ofgaut]

When they are on a gain roll, the regulation is bad. When shit happens they beg government for regulation

[BossRedRanger]

This screams of 1%er bullshit. He tanked crypto but sees the opportunity still so now he wants to regulate it to his own benefit.

[beerman]

This man has not earned the right to be on a program of high integrity.

[saitop]

You should be ashamed of having Kevin Leary talk about crypo.

[IronTom]

anyone who has done research on crypto knows that if its not your keys it's not your crypto... hard to believe someone like Kevin didn't know this. Questionable integrity..

[rsolano]

He looks like a clown now trying to tell us he understands this stuff... Bitcoin is absolutley not JUST a speculative asset.

[MO-tplh]

How much is this ’victim’ getting paid for this performance?

[Eusantdac]

Ohh Kevin ... just keep quiet after this huge blunder.