‘Flood Into’ Crypto—Bitcoin Poised for Unexpected S&P 500 Earthquake After $2 Trillion Ethereum, BNB, XRP, Solana, Cardano and Dogecoin Price Crash
Bitcoin
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Bitcoin price has fallen around 70% from all-time highs, falling below $20,000 per bitcoin, taking on other top ten cryptocurrencies ethereum, BNB
Now, investor and Shark Tank star Kevin O’Leary has predicted that long-awaited regulation could be poised to catapult bitcoin and crypto into the S&P 500 — warning, “you either get on the wave or get lost.”
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Bitcoin price remains firmly below $20,000, down around 70% from all-time highs, holding … [+]
“Although it has nothing to do with bitcoin, [the Stablecoin Transparency Act] will be the first regulation adopted by US regulators, and I would argue that you will be long bitcoin to go into that outcome,” said O’Leary, chairman of O’Shares Investment Advisers, during an appearance on Crypto Banter Youtube channel. “You’re going to see a lot of interest in institutional capital coming in [stablecoins].”
O’Leary said he expects the Stablecoin Transparency Act, introduced in March this year and designed to bring greater transparency to the $150 billion stablecoin marketplace, to be passed by Congress after the US midterm elections in November.
Stablecoins have skyrocketed in recent years, facilitating the huge rise in the prices of bitcoin, ethereum and other major cryptocurrencies such as BNB, XRP, solana, cardano and dogecoin as people use them as an entryway into the crypto market.
The Stablecoin Transparency Act — which would require issuers of cryptocurrencies like tether and circle pegged to the US dollar to report the “quality” of their assets held in reserve — is “very simple in nature, which is why it could pass.” O’Leary said, adding: “End of day, regulations come, bitcoin goes up.”
Earlier this year, O’Leary said he expects bitcoin, ethereum and crypto to become the 12th sector of the S&P 500, with technology, healthcare, financials, real estate, energy, materials, consumer discretionary, industrials, utilities, consumer goods. and communication.
“I predict in the next 10 years that crypto, blockchain, bitcoin — all this innovation — will be the 12th sector of the S&P,” O’Leary said in April at the Bitcoin 2022 conference. “When we get policy and the regulator regulates … capital is going to flow into this sector like you’ve never seen.”
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The Bitcoin price has fallen back over the past year, but is still far higher than it was before … [+]
The stablecoin market was rocked this year by the collapse of the experimental terraUSD algorithmic stablecoin and its backing coin luna, triggering an explosion of regulatory scrutiny.
“After the May problems of the terraUSD stablecoin, confidence in such cryptocurrencies seemed to have dropped significantly,” Grzegorz Dróżdż, market analyst at investment firm Conotoxia, wrote in emailed comments.
“This is noticeable in the market values of other stablecoins, including tether
