Kevin O’Leary Blames Jerome Powell / Federal Reserve for FTX Collapse
Self proclaimed “Mr. Wonderful” and “Shark Tank” star Kevin O’Leary slammed the Federal Reserve Board Chair, Jerome Powell during a recent Senate hearing —and claimed it caused the collapse of FTX on purpose.
Speaking at the Senate Committee on Banking, Housing and Urban Affairs hearing, the celebrity businessman said the Federal Reserve is a “massive, unregulated monopoly”
At the hearing, O’Leary—who has been a paid spokesperson for disgraced exchange, FTX—told the hearing: “I have an opinion: everything was going just dandy in 2021, rates were at zero and everything was hunky dory, then BAM! BAM! BAM! Mr. Powell comes in and massacres everyone with rate hikes" O'Leary paused to pound the table before continuing "Mr. Powell has the blood of FTX and every other protocol and company that lacked product/market/fit on his hands!"
The Federal Reserve, the Central Bank for the United States, has taken numerous steps, including rate hikes, to combat inflation over the course of 2022.
“Here’s how I think of my money: soldiers. I send them out to war every day.” Mr. O’Leary said nodding his head before continuing “well, one day I sent my soldiers out and Mr. Powell gunned them down in the streets.”
US regulators are attempting to determine what led to the abrupt downfall of the cryptocurrency exchange, which just this February was valued at $32 billion. O’Leary has provided numerous theories for why FTX collapsed last month, which for some reason seemed to not blame Sam Bankman-Fried.
“I’ve probably heard more than 10,000 pitches and truth be told, most of them sucked” O’Leary said when describing his approach to investing, “I invested in half of that garbage, with the understanding that with a zero interest rate environment that even a chimpanzee on a mountain of garbage could deliver shareholder value.”
But with quantitative tightening from the Federal Reserve putting strains on both liquidity and the broader market it appears a chimpanzee on a pile of garbage can no longer deliver shareholder value.
“Bottom line, Mr. Powell if you’re watching this hearing you need to make the Money Printer go BRRRR or Mr. Wonderful’s soldiers ain’t coming home to daddy, ever” Mr. O’Leary stated unironically, seeming to reference his money which he often refers to as “his Soldiers”.
Many in the cryptocurrency sphere can relate to this desire to see "the Money Printer go BRRR."
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