Shark Tank star Kevin O’Leary is bullish on Bitcoin and crypto adoption, here’s why

Shark Tank investor Kevin O’Leary has said that the crypto market needs support from policymakers to break out of its current rut.

In an interview with Circle CEO Jeremy Allaire, the investor stated that if there are regulations for stablecoins, Bitcoin will break out of its current range and trade higher.

According to him, if stablecoins were to gain support from US policymakers, more institutional capital could enter crypto, pushing Bitcoin prices higher.

“I also think that the one thing – just getting stablecoins [regulations] done… It is the lowest hanging fruit, but it will also signal to the rest of the crypto market, primarily the institutional investor market.”

O’Leary also spoke about the decline in the price of Bitcoin, saying that this is because the cryptocurrency is losing momentum for adoption. “There’s fatigue in this market now. And there’s a lack of adoption, and there’s a lack of wallets,” he said.

Kevin O’Leary was an active critic of cryptocurrency in 2017. However, according to him, he had to change his views when customers started asking for it and he saw the effectiveness of stablecoins for international payments.

The need for stablecoin regulation

Hammering the need for stablecoin regulations, O’Leary said: “We’re in a difficult area now because we lack regulation.”

He added that Bitcoin will remain stuck in the $17k – $22k range unless there is institutional support. But this institutional support can only come in if stablecoins are regulated.

For his part, Allaire added that regulations for stablecoins are currently in the works and will soon be ready at the federal level. According to him, the Federal Reserve should be the one to regulate stablecoins.

Next wave of adoption

O’Leary also talked about adoption and how the complex nature of wallets has limited adoption.

He added that he has now seen the opportunities in the sector. He continued that crypto markets would become massive over the next decade due to the sector’s high productivity, transparency and opportunities compared to other financial services.

Allaire agreed with this view, saying that for the next wave of adoption, there is a need to focus on user experience and security. “The crypto of it has to go into the background,” he said.

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