Shark Tank host Kevin O’Leary expects BTC to rise after the passage of stablecoin regulation, which he believes will happen after the November midterm elections to the US Congress.
Kevin O’Leary aka Mr. Wonderful believes that it is very likely that the Stablecoin Transparency Act could be passed by the US Congress after November 8th. This law is supported by most legislators, as it makes the US dollar the default payment currency worldwide.
“While this does not affect Bitcoin, this will be the first law passed by US regulators regarding crypto assets. Institutional investors will show great interest in stablecoins and will pour their capital into them. Therefore, I would say that many will want to buy bitcoin now for long-term storage in order to wait for this result. Cryptocurrencies cannot be stopped. You either join the wave or get lost in it,” O’Leary said.
He added that large investors will feel more confident knowing about the regulation of stablecoins. This gives bitcoin a chance to move out of the $19,000-$20,000 price range. O’Leary acknowledged that the risks of investing in bitcoin and other cryptocurrencies always remain. But there is a risk that a person may miss his chance by refusing to invest in bitcoin. The TV presenter is confident that in the next decade, cryptocurrencies will become the 12th sector of the S&P 500 index, as many banks and financial technology providers will already use the latest technologies by that time.
“We lack clear regulation. Once regulators take control of cryptocurrencies, the sector will be flooded with capital like you’ve never seen before. There are people who criticize me for being a firm believer in the future of cryptocurrencies. But with the latest technology available that can improve and speed up transaction processing worldwide, you simply have no choice but to put up with it,” said O’Leary.
Previously, the host of the Shark Tank podcast called the bankruptcy of large crypto companies during the market downturn a boon for the industry, as it would free up space for stronger players.
Source: Bits
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