Shark Tank star Kevin O’Leary expects bitcoin’s price to rise when the Stablecoin Transparency Act is passed, which he thinks could happen soon after the November midterm election. O’Leary stressed that crypto cannot be stopped and stated: “You either join or get lost.”
Shark Tank star Kevin O’Leary shared his reasons why bitcoin should be long on Friday’s Crypto Banter Youtube channel.
Mr. Wonderful explained that the Stablecoin Transaction Act has a chance to be passed by the U.S. Congress. It will take effect after the midterm elections on Nov. 8. Shark Tank’s star explained:
The Act is simple and may pass. Both parties support it. The reason this is the case, however, is that the U.S. dollar becomes the default payment system globally.
He then explained why this Act would boost bitcoin’s price. O’Leary stated that even though the regulation has nothing to do with bitcoin, it will be the first to be passed by U.S regulators. He also said that he believes that bitcoin investors should be long to see that outcome. He said that institutional capital will be a big draw for stablecoins.
“If institutions smell policy then you have a real move-up and that’s when your trade range against the U.S. dollars is $19,000-22,000.” He elaborated: “I think you will get right through that very fast.”
The bottom line is that regulations are in place, and bitcoin continues to rise.
O’Leary said, “Here’s a question that every investor should think about.” There is a risk when investing in Bitcoin and other crypto. It’s possible to lose your investment.
As crypto becomes the 12th segment of the S&P within the next decade, some value in financial service stocks, such as banks, will transfer to these updated technologies. This isn’t always predictable. O’Leary has said that he believes crypto will become the 12th segment of the S&P within the next decade. Policy is what we are missing. He predicted that when policy is implemented and regulators are in place, capital will flood this sector like never before,” he said in August.
O’Leary stated, “My thesis is that you should have crypto in your portfolio since you don’t know when it’s about to happen and if you don’t have any exposure, you might miss out on the growth of this 12th section of the S&P which could be a disastrous outcome for performance.”
Kevin O’Leary: You can’t stop crypto and NFTs
O’Leary also spoke out on Linkedin about why he is so passionate about cryptocurrency, bitcoin, and non-fungible tokens (NFTs). Shark Tank star O’Leary wrote:
It’s impossible to stop it. You either ride the wave or you get lost.