The star of the popular American program Shark TankKevin O’Leary, aka Mr. Wonderful, expects the price of bitcoin to rise when the Stablecoin Transparency Act is passed, which he believes could happen shortly after the November midterm elections. Kevin O’Leary stressed that crypto cannot be stopped, stating, “You either join the wave or you get lost“.
Regulations come, bitcoin goes up.”
Shark Tank star Kevin O’Leary, president of O’Shares Investment Advisers, explained why investors should buy bitcoin on the Crypto Banter YouTube channel on Friday.
Kevin O’Leary explained that there is a bill called the Stablecoin Transparency Act that has a chance of passing the U.S. Congress after the November 8 midterm elections. The Shark Tank star explained:
This bill is very simple in nature, which is why it can pass. It has bipartisan support and the reason it does is because it effectively makes the U.S. dollar the default payment system in the world.
He went on to describe why the passage of this legislation will drive up the price of bitcoin. “Even though this has nothing to do with bitcoin, it will be the first regulation passed by U.S. regulators, and I would say you want to be long bitcoin going into this result“, O’Leary stressed. “You’ll see a lot of interest from institutional capital in stable currencies” he added.
“If the institutions smell the policy, then you have a real move up, and that’s when you get out of the $19,000 to $22,000 trading range against the U.S. dollar. I think you’re going to go through that range very quickly“, he added:
So, at the end of the day, regulations come in, bitcoin goes up.
“Here’s a question for every investor to consider“Kevin O’Leary continues. “There is risk in investing in bitcoin and all crypto-currencies. There is also risk in not investing in it.“
He elaborated, “Because if it’s true that crypto is becoming the 12th S&P sector in the next decade, some of the value of financial services stocks, like banks, is going to be shifted to these new technologies, and you don’t usually know when that’s going to happen.“O’Leary keeps saying he expects crypto to become the 12th largest sector in S&P. “What we lack is policy. When we have policy and the regulator regulates … The taps of capital are going to flood this industry like you’ve never seen” he predicted in August.
“My thesis is that you should have some crypto in your portfolio because you don’t know when it’s going to happen, and if you don’t have any exposure to it at all, you may miss out on participating in the growth of this 12th S&P sector, which would be a bad outcome for performance“, O’Leary concluded.
Kevin O’Leary says there’s no stopping Crypto and NFTs.
O’Leary also shared why he’s big on bitcoin, crypto-currencies and non-fungible tokens (NFTs) on Linkedin this week. The Shark Tank star wrote:
You can’t stop it, either join the wave or get lost!
“Some people criticize me about this, but it’s one of the reasons I’m so convinced about the future of crypto and NFTs“, Mr. Wonderful emphasized.”When you have a new technology that emerges that can drastically increase our level of productivity and improve the way we process transactions globally, you have no choice but to go for it.“