Shark Tank’s Kevin O’Leary Says One Factor Will Determine Bitcoin and Crypto Market Direction
Shark Tank celebrity investor Kevin O’Leary reportedly said that policy will affect investment in the digital asset space, as he is optimistic that U.S. policymakers will support cryptocurrencies.
Benzinga Report O’Leary expects the upcoming policy to be positive for stablecoins, as it will benefit both the U.S. dollar and the cryptocurrency market.
“The reason for both sides supporting stablecoins is that it would make the U.S. dollar the global default currency. If stablecoins backed by the U.S. dollar and Treasury bills are regulated as a payment system,” this could spur interest from ‘sovereign wealth funds and financial institutions’. “
As the price of Bitcoin (BTC) fell below $20,000, O’Leary also warned that the flagship cryptocurrency may remain under pressure unless a clear cryptocurrency policy is in place. BTC is currently trading at $18,448, down more than 70% from its all-time high in November.
O’Leary believes that while the U.S. will soon introduce its own cryptocurrency regulation, it will benefit companies such as bitcoin miner Bitzero in which he has invested.
“I’m encouraged that over the next 18 months we may have policies that I think will be well reflected in the valuations of companies like Bitzero, especially those that know how to deliver ESG [Environmental Social and Governance] Solutions for large institutions. “
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