Shark Tank’s Kevin O’Leary Says One Factor Will Determine Bitcoin and Crypto Market Direction￼
Shark Tank celebrity investor Kevin O’Leary reportedly says that policies will impact investments in the digital asset space as he shares his optimism that US policymakers will be supportive of crypto.
Benzinga reports that O’Leary anticipates upcoming policies to have a positive stance for stablecoins because this will be bullish for both the US dollar and the crypto market.
The reason both sides would support stablecoins is that it would make the U.S. dollar the default currency, globally. If a stablecoin backed by the US dollar and Treasury bills was regulated as a payments system,” that may spur interest by ‘sovereign wealth funds and financial institutions.’”
As the price of Bitcoin (BTC) slides below $20,000, O’Leary also warns that the flagship cryptocurrency will likely remain under pressure unless clear crypto policies are put into place. BTC is currently trading for $18,448, down by more than 70% from its all-time high in November.
O’Leary believes though that the US will roll out its own crypto regulation soon and this will benefit companies such as Bitcoin miner Bitzero, which he has invested in.
“I’m encouraged that, over the next 18 months, we may have policy, and I think that will be well reflected in the valuations of firms like Bitzero, particularly ones that know how to provide an ESG [Environmental Social and Governance] solution for large institutions.”