Shark Tank star Kevin O’Leary, aka Mr. Wonderful, expects the price of bitcoin to go up when the Stablecoin Transparency Act passes, which he believes could be soon after the November midterm elections. O’Leary emphasized that crypto cannot be stopped, stating: “You either join the wave or get lost.”
‘Regulations Come, Bitcoin Goes Up’
Shark Tank star Kevin O’Leary, the chairman of O’Shares Investment Advisers, shared his reason why investors should long bitcoin on the Crypto Banter Youtube channel Friday.
Mr. Wonderful explained that there is a bill called the Stablecoin Transparency Act that has a chance of getting passed by the U.S. Congress after Nov. 8, when the midterm elections take place. The Shark Tank star explained:
This Act is very simple in nature which is why it may pass. It’s being supported by both parties and the reason that’s the case is that it makes, effectively, the U.S. dollar the default payment system worldwide.
He proceeded to describe why the passing of this Act will boost the price of bitcoin. “Even though it has nothing to do with bitcoin, that will be the first regulation passed by U.S. regulators, and I would argue you want to be long bitcoin going into that outcome,” O’Leary emphasized. “You’re going to see a lot of interest in institutional capital coming into” stablecoins, he added.
“If institutions smell policy, then you’ve got a real move up, and that’s when you break out of the $19,000 to $22,000 trading range against the U.S. dollar. I think you will go right through that very quickly,” he opined, elaborating:
So, end of the day, regulations come, bitcoin goes up.
“Here is a question for every investor to think about,” O’Leary continued. “There’s a risk in investing in bitcoin and all crypto. There’s also risks of not investing in it.”
He elaborated: “Because if it’s true that crypto becomes the 12th sector of the S&P in the next decade, some of the value in the financial services stocks, like banks, are going to transfer to these new technologies, and you typically don’t know when that’s going to happen.” O’Leary has been saying that he expects crypto to become the 12th sector of the S&P. “What we’re missing is policy. When we get policy and the regulator regulates … The spigots of capital are going to flood into this sector like you’ve never seen,” he predicted in August.
“My thesis is you should have some crypto in your portfolio because you don’t know when that’s going to occur, and if you completely don’t have exposure to it, you may miss participating in the growth of this 12th sector of the S&P which would be a bad outcome for performance,” O’Leary concluded.
Kevin O’Leary Says You Can’t Stop Crypto and NFTs
O’Leary also shared why he feels strongly about bitcoin, cryptocurrency, and non-fungible tokens (NFTs) on Linkedin this week. The Shark Tank star wrote:
You can’t stop it, you either join the wave or get lost!
“There are people that criticize me on this, but this is one of the reasons I feel so strongly about the future of crypto and NFTs,” Mr. Wonderful stressed. “When you have new technology emerging that can drastically boost our level of productivity and improve how we process transactions globally, you have no choice but to get with it.”
Do you agree with Shark Tank star Kevin O’Leary about bitcoin and crypto? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimer