Search
Close this search box.

Shark Tank Superstar Believes Crypto Bull Market Will Start After This One Event

Shark Tank Superstar Believes Crypto Bull Market Will Start After This One Event

Shark Tank Superstar Believes Crypto Bull Market Will Start After This One Event

Famed Canadian businessman and TV personality Kevin O’Leary, aka Mr. Wonderful, argues that once a certain stablecoin law is passed and “institutions snoop on politics, then you’ve got real upside,” and that is when Bitcoin (BTC) breaks out of the $19,000-$22,000 trading range.

The Shark Tank star appeared on the October 14 episode of Crypto Banter’s YouTube channel, where he suggested a reason to “start long bitcoin,” and that reason has to do with politics in the United States do. He further elaborated on the Stablecoin Transparency Act, which he says has a chance of being passed by the US Congress “very soon” after November 8, the date of the midterm elections. The stablecoin regulation follows the massive collapse of Terra, a protocol powering its UST algorithmic stablecoin.

While it doesn’t directly affect Bitcoin, O’Leary argued the “tone of the regulation” is relevant, adding:

“This legislation is very simple in nature, so it can be passed. It has mutual support, and the reason for this is that it effectively makes the US dollar the default payment system around the world that anyone could stand behind.USD-backed stablecoin issuers could be licensed in the US if they are willing to pay the accompanying to go through “exam.”

O’Leary argued that,

“Although it has nothing to do with bitcoin, this will be the first regulation passed by US regulators and I would say you want to go long bitcoin to get to that outcome.”

He said there is “great interest in institutional capital inflows” into stablecoins, such as the USD coin (USDC). The coin’s issuer, Circle, O’Leary noted, has already raised millions of dollars in investments.

In April, it announced that it had closed a $400 million funding round with investments from BlackRock, Inc., Fidelity Management and Research, Marshall Wace LLP and Fin Capital. Also, in February this year, the company announced a valuation of $9 billion versus $4.5 billion views in July 2021.

The Shark Tank star concluded,

“So, at the end of the day, regulations come, bitcoin goes up. “When institutions smell politics, then they have a real after move up and then breaks out of that $19,000 to $22,000 trading range against the US Dollar. I think he goes through this very quickly.

In the upcoming election, a deadlock between the House and Senate would result in “nothing being done in Washington,” including “no more spending bills,” which is good for stock markets. But “indifferent” to bitcoin and crypto in general, argued O’Leary.

This is because the crypto-related bills circulating is all bipartisan, he said: both Democrats and Republicans support some sort of regulation of crypto. So which party controls which camera becomes less relevant, he suggested, regulations come. As of 10 UTC Monday morning, BTC was trading at $19,342, down 0,5% in a day and 1.5% more in a week. It went down 2% in a month and 68% in a year.

 

 

Share to Social Media

Leave a Comment

Your email address will not be published. Required fields are marked *

Recent Articles

Join Our Newsletter