During a recent interview with Fox Business, TV presenter Kevin O’Leary raised concerns about the outflow of venture capital from the digital currency market in early 2023.
According to O’Leary, one of the factors that contributed to the decrease in investor interest in Bitcoin and other virtual coins was the collapse of the FTX exchange in November of last year.
O’Leary believes that the tightening of industry regulations in the United States is causing even more capital to flee from digital assets.
He asserted that the Securities and Exchange Commission (SEC) is determined to continue pressuring the cryptocurrency industry, as shown by Chairman Gary Gensler’s statements.
Gensler has repeatedly stated that the SEC sees digital currencies as a threat to the financial stability of the United States.
This kind of regulatory attitude is likely to drive businesses and investors to other countries, such as the United Arab Emirates, O’Leary predicted.
As the industry continues to grow in Abu Dhabi, it is becoming a hub for crypto companies.
