Shark Tank Star Kevin O’Leary Buys Bitcoin Dip – Says Crypto ‘Desperately Needs Policy’ – Bitcoin News Regulation

Shark Tank Star Kevin O’Leary Buys Bitcoin Dip – Says Crypto ‘Desperately Needs Policy’ – Bitcoin News Regulation

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says it bought the dip during the recent crypto market selloff. He added: “Now cryptocurrency itself is in desperate need of policy. Regulation is needed.”

Kevin O’Leary buys the dip, Bitcoin price comments

Kevin O’Leary shared his views on the crypto market and investment strategy during this bear market in an interview with Stansberry Research, published on Thursday.

“I see bitcoin kind of testing $20,000 all the time, getting a lot of resistance,” he said when asked about the state of the cryptocurrency, adding that BTC appears to hold between $20,000 and $23,000. “It’s still very profitable for bitcoin miners who are currently mining at around $7,000 per coin in large volumes,” he opined.

“Lately there has been a knee-jerk reaction against Bitcoin miners because of ESG [environmental, social, and corporate governance] concerns, but they’re also self-correcting by going into nuclear and hydro, which, you know, there’s an abundance of in some countries like Norway,” O’Leary explained.

The Shark Tank star continued:

Now cryptocurrency itself is a policy that is desperately needed. Regulation is needed.

O’Leary explained: “There was a bill just two weeks ago that was being considered to push, not to bitcoin, but just to stablecoins as a payment system. And as you know, it was a very volatile area.”

Noting that the bill is “on hold for September,” he stressed, “I think there’s a 50-50 chance that we’ll have a stablecoin-based policy pegged to the US dollar.”

Mr. Wonderful in detail:

Let me explain specifically why I think this will happen. There is an ongoing conflict between the SEC and every other regulator regarding cryptocurrencies, NFTs, tokens – all these things.

“Smart regulators, policy makers are saying, ‘Wait a minute, let’s take one outcome. Let’s make payment systems, just like a credit card, visa card or money market fund, that have very limited flexibility in terms of what you can hold.’ Basically, Treasuries and cash dollar for dollar — the same thing with a payment system like stable money,” the Shark Tank star noted, adding:

If that policy fails. Let’s say it ends in September. It is a signal to the market that we are starting to open the deadlock in policymaking, and I am very optimistic.

O’Leary was also asked about his own crypto investments and what strategy he is using during this bear market.

“We received a blow. We were at 20 percent, and then it went up to 23 percent, then it went down to 16 percent of the portfolio,” he said. “It’s been really volatile but I’ve always said you’re going to get this volatility in the unregulated property industry because there’s no institutional supply so we’re probably at the bottom of 15%. We lost 40% of our value and now we are back [in] some projects. Not everyone came back at the same pace.”

Naming bitcoin, ethereum, salt pan and polygon, which he called “big players, big market cap names,” O’Leary revealed:

In some cases we have doubled. We took advantage of extreme volatility and large cap names such as ETH and bitcoin. Why not add a position if you’re going to stay for a long time.

Mr. Wonderful noted that the crypto asset class “doesn’t correlate with anything that people thought,” including inflation.

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What do you think of Kevin O’Leary’s comments? Let us know in the comments section below.

Shark Tank Star Kevin O’Leary Buys Bitcoin Dip – Says Crypto ‘Desperately Needs Policy’ – Bitcoin News Regulation

Kevin Helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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