LATEST: Kevin O'Leary called crypto hype "just another Labubu," arguing "a lot of money has been lost" and that it never took off as an alternative banking system.

What happened

Kevin O'Leary said the crypto hype is "just another Labubu," claimed that a lot of money has been lost and that crypto has not become an alternative banking system.

Confirmed

Global impact / market context

His criticism signals growing skepticism among prominent investors, which could discourage new capital into crypto projects and make existing firms reassess funding and growth plans.

Analyst inference

The crypto sector has struggled with high volatility and failed to achieve mainstream banking functions, leading to investor losses and reduced enthusiasm for widespread adoption.

Analyst inference

What to watch

1. Any further statements or actions by O'Leary that could sway retail or institutional sentiment toward crypto investments. Analyst inference
2. Changes in inflows or outflows from crypto funds and exchanges following his remarks, indicating shifts in investor behavior. Analyst inference
3. Regulatory responses or policy discussions that may intensify if high‑profile criticism fuels concerns about crypto stability. Analyst inference

Evidence

• x.com