Shark Tank star Kevin O’Leary, aka Mr. Wonderful, he bought the dip during the recent sell-off in the cryptocurrency market. He added, “Now cryptocurrency itself is in dire need of policy. It needs regulation.”
Kevin O’Leary buys dip, comments on Bitcoin price
Kevin O’Leary shared his crypto market forecast and investment strategy during this bear market in an interview with Stansberry Research, published Thursday.
“I see some kind of bitcoin testing $20,000 all the time, getting a lot of resistance,” he said when asked about the state of the cryptocurrency, adding that BTC He appears to have between $20,000 and $23,000. “It is still very profitable for bitcoin miners who are currently mining around $7,000 per coin on a large scale,” he said.
“There has been a quick reaction to bitcoin miners recently because of ESG [environmental, social, and corporate governance] O’Leary explained that these fears are also self-correcting by going into nuclear and hydropower, which you know are plentiful in some countries such as Norway.
Follow Shark Tank Star:
Now the cryptocurrency itself is in dire need of politics. It needs to be organized.
O’Leary explained: “There was a bill just a couple of weeks ago that was thought to be paid, not bitcoin, just stablecoins as payment systems. And as you know, that was a very volatile area.”
Noting that the bill “is off for September,” he stressed, “I think there’s a 50-50 chance that we’ll have a policy on basically stablecoins pegged to the US dollar.”
Mr. Fantastic in detail:
Let me explain specifically why I think it will happen. There is a war of influence between the SEC and every other regulator regarding cryptocurrencies, NFTs, tokens – all of these things.
“Smart regulators, policy makers say, ‘Wait a minute, let’s take one. Let’s just do the payment systems, just like a credit card, or a visa card, or a money market fund, which has very limited flexibility in terms of what you can keep. Basically, Treasuries and cash dollar-for-dollar — the same with a payment system as stablecoin,” the Shark Tank star noted, adding:
If the policy came. Let’s say it was completed in September. This is a signal to the market that we are beginning to break the deadlock on policymaking, and I’m very optimistic.
O’Leary was also asked about his investments in crypto and what strategy he was using during this bear market.
“We took a hit. We hit 20% and then it grew 23%, then it fell to 16% of the portfolio.” It was really volatile, but I’ve always said you’re going to have that volatility in the unregulated asset industry because there’s no institutional offering, so it’s likely To be at the low of 15%. We lost 40% of the value and now we are back again [in] some projects. Not all of them came back at the same pace.”
O’Leary revealed that Bitcoin, Ethereum, Solana and Polygon, which he called “the big players, the names of the big capitals in the market”:
In some cases, we doubled down. We’ve taken advantage of extreme volatility and big company names like ETH and bitcoin. Why not add to the position if you are going to stay for a long time.
Mr. Wonderfall notes that the crypto asset class “is not tied to anything as people think,” including inflation.
What do you think of Kevin O’Leary’s comments? Let us know in the comments section below.
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