Crypto Market Needs Regulation to Attract Institutional Money, Says Kevin O’Leary

• Kevin O’Leary believes crypto will be added as the 12th sector for the economy.
• He stated that the First Republic Bank is going to be zero.

Kevin O’Leary, the Canadian businessman known as Mr. Wonderful, stated that no new money is coming into Bitcoin and crypto from institutions until there’s regulation. 

In an interview with YouTuber Kevin, O’Leary stated that Bitcoin is locked in purgatory and has been trading between $17,000 and $30,000 for a long time. This is because the same people trade again and again. There is no new money in it.

Kevin O’Leary believes that crypto will be added as the 12th sector for the economy.

And also, the stablecoins can be used to do transactions to replace the Swift system, which is expensive, slow, and not transparent. If stablecoins like USDC were regulated, they would be more useful, he added.

O’Leary shared his opinion on First Republic Bank. He stated that the bank is going to be zero. And if the bank goes down, it will probably lose $40 billion. Moreover, he mentioned that all the shareholders and bondholders ended up losing their money.