Kevin O’Leary, Shark Tank star, aka Mr. Wonderful, expects the bitcoin price to rise once the Stablecoin Transparency Act is passed, which he believes could happen as soon as the midterm elections in November. O’Leary emphasized that cryptocurrencies cannot be pause, stating: “You can either join the wave or get lost.”
‘Regulation Comes, Bitcoin Will Rise’
Kevin O’Leary, Shark Tank star and president of O’Shares Investment Advisers, shared why investors should buy bitcoin on the Crypto Banter Youtube channel on Friday.
Wonderful explained that there is a bill called the Stablecoin Transparency Act that has a chance to be passed by the US Congress after November 8, when the midterm elections take place. The Shark Tank star explained:
This act is very simple in nature, which is why it can be passed. It is supported by both sides and the reason is that it effectively makes the US dollar the default worldwide payment system.
He went on to describe why the passage of this Act would boost the price of bitcoin. “Although it has nothing to do with bitcoin, it will be the first regulation passed by US regulators and I think you want bitcoin to take long to get there,” O’Leary stressed. strong. “You will see a lot of interest in institutional funding into” stablecoins, he added.
“If institutions smell policy, you’ve made a real move and that’s when you break out of the $19,000 to $22,000 trading range against the US dollar. I think you’ll get over that very quickly,” he said, further explaining:
So at the end of the day, the regulations are in place, bitcoin will go up.
“This is a question for every investor to think about,” O’Leary continued. “There are risks to investing in bitcoin and all cryptocurrencies. There are also risks to not investing in it. “
He further explained: “Because if it is true that crypto becomes the S&P 12th sector over the next decade, some of the value in financial services stocks, like banks, will shift to companies this new technology, and you often don’t know when that will happen. O’Leary has said that he expects crypto to become the S&P 12th sector. “What we lack is policy. When we have policies and regulators in place… Capital will flow into the sector like you’ve never seen before,” he predicted in August.
“My point is that you should have some crypto in your portfolio because you don’t know when that will happen and if you don’t have exposure to it at all, you could miss out on getting in. on the development of this 12th sector of the S&P that would be a bad result for the performance,” concluded O’Leary.
Kevin O’Leary Says You Can’t Stop Cryptocurrencies and NFTs
O’Leary also shared why he feels so strongly about bitcoin, crypto, and non-fungible tokens (NFTs) on Linkedin this week. The Shark Tank star wrote:
You can’t stop it, you can join the wave or get lost!
“There are people who criticize me for this, but this is one of the reasons why I feel so strongly about the future of crypto and NFT,” Mr. Wonderful emphasized. “When you have new technology emerging that can dramatically boost our productivity levels and improve the way we handle transactions globally, you have no choice but to use it.”