By Richard Hines
Despite the bankruptcy and collapse of the former crypto giant, Canadian investor and businessman Kevin O’leary believes FTX’s co-founder Sam Bankman-Fried (SBF) still has a bright future; and is willing to invest in his future businesses amid the crisis.
O’Leary Will Invest In SBF In The Future
O’Leary explained his reasoning, saying that he has been exposed to many sectors in FTX and believes there is a bright side and hidden good in this FTX meltdown, and would still invest in SBF’s future businesses.
In an interview this week, O’Leary agreed that FTX was one of his poor investment choices, but that most of his funds were intact due to his varieties of assets.
Despite this, he was severely impacted by the crash and lost a significant amount of money. Prior to the crash, he was a major holder in the FTX firm in the United States and FTX exchange. He had multiple accounts on that platform, which were frozen after the crash.
He contacted other organizations that used FTX and received feedback that they all had zero balances in the exchange. O’Leary stated that everyone contacting their team, including lawyers and higher-ups, makes this an exceptional case.
Previously, O’Leary worked as a spokesperson for FTX; in October 2022, he stated that FTX was the last place he imagined going bankrupt or getting into any trouble, but it turned out otherwise.
He added that if a significant market figure were to be eliminated, which regrettably turned out to be FTX, the market would experience a more severe decline.
The Good In FTX’s Crash According To O’Leary
In order to support his claim that this crash has a silver lining, he cites situations to support it. He claimed that this crash would force the regulatory bodies to provide specific and reasonable regulations in the crypto space, noting that after the most recent crash, areas of crypto that needed regulations were now being prioritized.
O’Leary intends to transfer all of his assets and money from these exchanges to Bitbuy, a licensed exchange in Canada, in the interim. The Canadian government regulates this business, preventing it from misusing customers’ money as FTX was accused of doing.
He claims that storage reserves for assets is inefficient and ineffective, and that all assets should be traded at all times rather than locked away.
Even after the massive loss and rumors about Sam Bankman Fried, CEO of FTX, O’Leary still considers him a saint and admires him as one of the most clever minds in the crypto space.