Venture Funding for New Crypto Projects Is Dead: Kevin O’Leary
Famous Canadian businessman, Kevin O’Leary, asserted that venture funding for new crypto projects is virtually dead and that existing projects would later be sold at massive discounts.
O’Leary expressed this sentiment on Twitter today, arguing that regulators now enforce penalties and huge fines on crypto businesses. “The venture community has moved on to the next big thing — AI,” O’Leary opines.
Venture funding for new #crypto projects is virtually dead and aftermarket trading for existing projects is at massive discounts. Reason? The #regulator is now regulating by enforcement, penalties & massive fines. The venture community has moved on to the next “big” thing, #AI pic.twitter.com/ChpjYIY9Dl
— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) February 20, 2023
Furthermore, O’Leary added a snippet from a Zoom meeting where he was asked to comment on the current situation of the bankrupt FTX exchange. O’Leary, previously an FTX spokesperson, expressed that the US senators are tired of gathering every six months after a crypto project blows up. Additionally, he stated:
Just last week Genesis filed bankruptcy; every week there is another one going to zero because they’re unregulated and they keep issuing useless tokens.
The businessman further suggested that the value of regulated exchanges will increase over the next few years while unregulated crypto firms will drop to zero.
Interestingly, in a widely shared video on Twitter, O’Leary was seen arguing that the intrinsic value of the Binance utility token BNB was nothing. On the contrary, information on CoinMarketCap suggests that the BNB token powers various functionalities for crypto enthusiasts and developers.
Moreover, the BNB Chain has processed over 3 billion transactions from 163 million unique addresses since its launch in 2020. The BNB Smart Chain (BSC) ecosystem has over 1,300 active dApps across multiple categories, such as DeFi, metaverse, blockchain games, NFTs, and more.
