Kevin O’Leary Expects Bitcoin to Rise as Stablecoin Transparency Act Passes – Markets & Prices Bitcoin News

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, expects the price of bitcoin to rise when the Stablecoin Transparency Act is passed, which he believes could be shortly after the midterm elections in November. Stressing that crypto cannot be stopped, O’Leary said: “Either you join the wave or you get lost.”

‘Regulations Are Coming, Bitcoin Is Going Up’

Shark Tank star Kevin O’Leary, the chairman of O’Shares Investment Advisers, shared his reason why investors should be long bitcoin on the Crypto Banter YouTube channel on Friday.

Mr. Wonderful explained that there is a bill called the Stablecoin Transparency Act that has a chance to be passed by the US Congress after November 8, when the midterm elections take place. The Shark Tank star explained:

This law is very simple in nature and therefore it can be passed. It is supported by both parties and the reason it is the case is that it effectively makes the US dollar the standard payment system worldwide.

He went on to describe why the passage of this law will increase the price of bitcoin. “Although it has nothing to do with bitcoin, it will be the first regulation that was adopted by US regulators, and I would argue that you will be long bitcoin to go into that result,” emphasized O’Leary. “You’re going to see a lot of interest in institutional capital coming into” stablecoins, he added.

“If institutions smell politics, then you have a real step up, and that’s when you break out of the $19,000 to $22,000 trading range against the US dollar. I think you’ll go right through that very quickly,” he said, elaborating:

So, at the end of the day regulations come, bitcoin goes up.

“Here’s a question for every investor to think about,” O’Leary continued. “There is a risk in investing in bitcoin and all crypto. There is also a risk in not investing in it.”

He elaborated: “Because if it’s true that crypto becomes the 12th sector of the S&P over the next decade, some of the value in financial services stocks, like banks, will transfer to these new technologies, and you usually don’t know when it will happen.” O’Leary has said he expects crypto to become the 12th sector of the S&P. “What we lack is politics. When we get policy and the regulator regulates … Capital is going to flow into this sector like you’ve never seen,” he predicted in August.

“My thesis is that you should have some crypto in your portfolio because you don’t know when it’s going to happen, and if you don’t have exposure to it, you might miss out on participating in the growth of this 12th sector of the S&P that would be a bad result for performance,” O’Leary concluded.

Kevin O’Leary says you can’t stop crypto and NFT

O’Leary also shared why he feels strongly about bitcoin, cryptocurrency and non-fungible tokens (NFTs) on Linkedin this week. The Shark Tank star wrote:

You can’t stop it, either you join the wave or you get lost!

“There are people who criticize me on this, but this is one of the reasons why I feel so strongly about the future of crypto and NFTs,” Mr. Wonderful emphasized. “When you have new technology emerging that can drastically increase our productivity levels and improve how we process transactions globally, you have no choice but to come with it.”

Do you agree with Shark Tank star Kevin O’Leary about bitcoin and crypto? Let us know in the comments section below.

Kevin Helms

A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.