TV host Kevin O’Leary pointed to the outflow of venture capital from the digital currency market as early as the beginning of 2023. One of the factors that dampened investor interest in bitcoin and other virtual coins was the collapse of the FTX exchange last November.
In a recent interview with Fox Business, Kevin O’Leary said that tighter controls on the industry in the United States are leading to increased capital flight from digital assets.
The TV host believes that the Securities and Exchange Commission (SEC) will not give up its course and will continue to pressure the cryptosphere.
SEC Chairman Gary Gensler periodically reiterates that the regulator will not back down from its stance, as it considers digital currencies a threat to U.S. financial stability.
The result of this policy will be the relocation of business to other jurisdictions, such as the United Arab Emirates.
Abu Dhabi is becoming the center of the industry’s development, and this is where cryptocurrency companies are moving to, O’Leary stressed.