Kevin O'Leary, known as Mr. Wonderful, shared his thoughts on why he is still investing in crypto even after the infamous FTX collapse in late 2022.
The investor, who is one of the hosts of ABC's (DIS) Shark Tank show, didn't mince his words, however, about unregulated exchanges.
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He said those unregulated exchanges are getting ready for an environment where they would be "sued into oblivion."
The comments came from a Business Insider story where O'Leary said bitcoin was his top holding of the year.
"Bitcoin was up a massive 70% in the first quarter alongside other speculative assets as traders bet the Federal Reserve was about to pivot away from tightening monetary policy," according to the Business Insider report.
O'Leary is moving his assets to Canada.
"He reiterated that point in a Monday interview with Insider, shortly after crypto firm WonderFi, which O'Leary has backed as an investor, announced a merger with two other Canadian exchanges, Coinsquare and CoinSmart," Business Insider wrote.
O'Leary told Insider about a conversation he had with Senators.
"Talking to the senators after the hearings [in December], I realized the frustration they had," O'Leary said. "They were really pissed off, and they have released the hounds. They told regulators 'go get them,' and all of a sudden we have a mountain of enforcement action."
"They don't know how to make money in a regulated environment," O'Leary added, according to the story.
Mr. Wonderful then offered an opinion about his thoughts regarding some of the executives in the cryptocurrency industry.
"These rockstar crypto guys, they're not going to make it. I bet if you looked at who's managing these companies 36 months from now, all the current guys are gone."
