Shark Tank Star Kevin O’Leary Buys Bitcoin Dip – Says Crypto ‘Desperately Needs Policy’ CryptoGlobe

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Shark Tank Star Kevin O’Leary Buys Bitcoin Dip – Says Crypto ‘Desperately Needs Policy’ CryptoGlobe

Shark Tank star Kevin O’Leary aka Mr. Wonderful said he bought the dip during the recent cryptocurrency market sell-off. He added, “Now crypto itself is in desperate need of a policy. It needs to be regulated. »

Kevin O’Leary buys the dip, comments on Bitcoin price

Kevin O’Leary shared his outlook on the crypto market and his investment strategy during this bear market in an interview with Stansberry Research, published Thursday.

“I see bitcoin kind of testing $20,000 all the time, getting a lot of resistance,” he said when asked about the state of the cryptocurrency, adding that BTC appears to hold between $20,000 and $23,000. “Still very profitable for bitcoin miners currently mining around $7,000 per coin at scale,” he said.

“There has been a knee-jerk reaction against bitcoin miners lately because of ESG [environmental, social, and corporate governance] concerns, but they are also correcting themselves by going into nuclear and hydropower, which you know are plentiful in some countries like Norway,” O’Leary explained.

The Shark Tank star continued:

Now crypto itself is in desperate need of a policy. It needs regulation.

O’Leary explained, “Just two weeks ago there was a bill that was being considered for passage, not on bitcoin, just on stablecoins as payment systems. And as you know, it’s been a very volatile area.

Noting that the bill “has been stalled for September,” he pointed out, “I think there’s a 50% chance that we have a policy on essentially stablecoins pegged to the US dollar.”

Mr. Wonderful detailed:

Let me explain precisely why I think this is going to happen. There is a turf war between the SEC and all the other regulators when it comes to crypto, NFTs, tokens – all of it.

“Smart regulators, policymakers say, ‘Wait a second, let’s get a result. Let’s just do payment systems, just like a credit card, visa card, or money market fund, which has very limited flexibility in terms of what you can hold. Basically treasury bills and dollar-for-dollar cash – same thing with a payment system like a stablecoin,” the Shark Tank star noted, adding:

If this policy falls. Let’s say it’s in September. It’s a signal to the market that we’re starting to break the deadlock on policymaking, and I’m very, very optimistic.

O’Leary was also asked about his own crypto investments and the strategy he used during this bear market.

“We took a hit. We were at 20%, then it went up to 23%, then it went down to 16% of the portfolio,” he explained. “It was really volatile, but I’ve always said you’re going to have that volatility in an asset sector that’s unregulated because there’s no institutional supply, so probably at the bottom we’re at 15% We have lost 40% of the value and now we have recovered [in] some projects. They didn’t all come back at the same rate.

Naming bitcoin, ethereum, solana and polygon, which he called “the big players, the big names in market cap,” O’Leary revealed:

In some cases, we have doubled. We took advantage of extreme volatility and large caps like ETH and bitcoins. Why not add to the position if you are going to be staying for a long time.

Mr. Wonderful noted that the crypto asset class “is not correlated to anything like people thought,” including inflation.

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What do you think of Kevin O’Leary’s comments? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.




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