Renowned investor Kevin O'Leary shared his views on the future of cryptocurrencies and their place in the economy during an interview with Lara Trump.
End of the 'Crypto Cowboy' Era
During the interview at Pubkey, a crypto bar, O'Leary stated, “The era of crypto cowboys is over.” This refers to various entrepreneurs who faced criminal charges. For instance, Alex Mashinsky and Sam Bankman-Fried faced significant fraud allegations, while Changpeng Zhao completed a four-month sentence for AML law violations.
Crypto as the 12th Sector of the Economy
O'Leary believes the crypto industry could become the twelfth sector of the US economy, potentially integrating into the existing 11 sectors identified by the global industry classification. This opens the way for further growth and regulation.
Precautionary Measures for Beginners
To avoid losses, O'Leary advises using accredited exchanges like Coinbase. He also recommends starting with small investments, such as a third of a Bitcoin, and considering it a long-term investment.
Kevin O'Leary emphasized the importance of a cautious approach to investing in cryptocurrencies, especially for newcomers. His advice highlights the need for regulation, incremental learning, and a strategic investment approach.
