Popular Shark Tank star Kevin O’Leary is bullish on Bitcoin, noting that the Stablecoin Transparency Act, if passed, would drive the price of Bitcoin to a new high.
Mr.Wonderful was speaking on the Crypto Banter Youtube channel, asserting, “So, end of the day, regulations come, bitcoin goes up.”
O’Leary stated the Stablecoin Transparency Act, which the US Congress might approve after the midterm elections on November 8th will basically make the U.S. dollar the default payment mechanism around the world, and it has the support of both parties.
Also Read: US Lawmakers Proposed Bill to Make Transparent Stablecoin Market
Despite having nothing to do with bitcoin, that will be the first law passed by U.S. regulators as it is simple in nature, and the Shark Tank star emphasized “I would argue you want to be long bitcoin going into that outcome.”
People are going to notice a lot of institutional capital’s interest in stablecoins, he continued.
“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,” O’Leary added.
O’Leary asks investors to analyze that even if investing in bitcoin and all other cryptocurrencies carries risk but the risks of not investing in it are also obvious.
The O’Shares Investment Advisers chairman urged that there should be some cryptocurrency in your portfolio because you never know when that’s going to occur.
O’Leary expects cryptocurrency to become the 12th sector of the S&P in the next decade, and some of the value in the financial services stocks will go to these emerging technologies.
If the public doesn’t completely have exposure to crypto by that time, they may miss participating in the growth of the 12th sector of the S&P which can affect them big time.
Three days back Kevin O’Leary wrote on Linkedin, “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.
”You can’t stop it, you either join the wave or get lost!,” the Shark Tank star noted about the future of crypto and NFTs.
Also Read: Shark Tank’s Kevin O’Leary Buys $BTC and $ETC Dips
