Bitcoin is irrelevant to financial markets and investors ‘are going to weep’ if regulators come down hard on crypto, says Kevin O’Leary

Bitcoin is irrelevant to financial markets and investors ‘are going to weep’ if regulators come down hard on crypto, says Kevin O’Leary

"Shark Tank"/ABC

Kevin O'Leary told CNBC on Thursday bitcoin is irrelevant to financial markets and at risk of regulation. His comments come as an increasing number of institutions like Guggenheim and SkyBridge capital invest millions into the cryptocurrency, driving a rally of over 200% in 2020. "I'm waiting for the day that one of these regulators comes down hard on bitcoin. Grown men are going to weep when that happens. You'll never see a loss of capital like that ever in your life. It will be brutal," he said. Treasury Secretary Steven Mnuchin is proposing new regulation that would require certain cryptocurrency traders to provide more information about their identities and cryptocurrency transactions.View Business Insider's homepage for more stories.

Kevin O'Leary told CNBC on Thursday that bitcoin is irrelevant to financial markets and too at risk of regulations to be taken seriously by institutional investors.

"Is this a nothing burger? It's not even a single cell amoeba," the O'Shares chairman said,"I love to talk about it, it's fun to watch it go up and down, but during the day, when the bell rings, I don't talk to anybody that's worried about this. They do not put capital to work in bitcoin."

His comments come as more