Shark Tank star Kevin O'Leary has warned that the cryptocurrency industry is still filled with many worthless coins and projects, most of which have no future.
What Happened: According to O'Leary, 10,000 crypto tokens are likely to be completely devalued to zero.
“They’ll eventually just go to zero because of lack of volatility and lack of volume. They’re irrelevant. And so that will also be flushed out of the market,” he said in an interview with Scott Melker.
O'Leary also said that crypto exchange Binance may be subject to intense regulatory scrutiny in the near future.
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“I would think, whoever the shareholders are of Binance, would be concerned about all the regulatory activity like bees humming around a hive right now. Not just the US regulators – all the regulators.”
Earlier last week, O’Leary said he has been going back to the crypto markets recently. “Anytime Bitcoin BTC/USD drops below $17k, I add to our positions there.”
Price Action: BTC was trading at $23,277 up 1.70% in the last 24 hours, according to Benzinga Pro.
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