Shark Tank’s Kevin O’Leary Says Bitcoin (BTC) Won’t Break $25,000 Until Something Important Happens
Shark Tank investor Kevin O’Leary cast doubt on the ability of Bitcoin (BTC) to rally above the $25,000 price level under the prevailing conditions.
O’Leary says in a Stansberry Research interview that the price of Bitcoin is stagnating because the lack of cryptocurrency regulation is hindering institutional investment in the space.
“We want policy, especially those of us who work in financial services because we believe it unlocks the power of institutional investor interest in crypto. So we need the policy to get there.
I’m going to predict that crypto and especially Bitcoin will be locked between $20,000 and $25,000 until we get policy. It’s not going to go anywhere because there aren’t enough buyers. You have to use trillions of dollars that are managed by sovereign wealth, and they are not going to buy Bitcoin until there is regulation.”
Bitcoin is trading at $20,210 at the time of writing, down nearly 20% from this month’s high of $25,200.
According to O’Leary, crypto cannot be considered a credible asset class without regulations.
“Crypto is not yet a real asset class because it’s not regulated yet. So for all the excitement about it, and one of the reasons I’m long… is I think we’ll get regulation in the next two to three And then we can finally get institutional participation.
People forget that 70% of the world’s wealth is tied up in pension and sovereign wealth funds. And then if they are not allowed to buy the asset class, there is no underlying bid.
And that’s one of the reasons why we can’t get crypto past $24,000. It’s very difficult because there’s not really a big constituency that’s allowed to buy it yet, especially Bitcoin and Ethereum.”
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