O'Shares ETFs chairman and renowned Shark Tank investor Kevin O'Leary shared his outlook on the current crypto market, in a recent interview with Stansberry Research.
O'Leary argued that the present cryptocurrency market desperately needs policy and regulation.
He said, "There was a bill just two weeks ago that was contemplated being pushed through, not on Bitcoin BTC/USD, just stablecoins as payment systems. And as you know, that's been a very volatile area."
He said that the bill was proposed for Sept, and there is a 50-50 chance that it will have policy tied to the U.S. dollar.
He further added that there is an ongoing battle between SEC and other regulators regarding crypto, NFTs, and different crypto market related products.
O'Leary thinks that if the policy gets the nod in September, it will give a strong indication to the market that the door is open to a logjam in policymaking.
Speaking about Bitcoin and the gold market, he said, "it is important to discuss the sustainability of holding gold, the sustainability of holding Bitcoin if it's not ethical, and it's not virgin."
"The big opportunity, the mega opportunity for Bitcoin, and why I stay long and why I continue to allocate to Bitcoin is when we get policy and institutions can allocate to it, sovereign wealth and pension institutions, they’ll probably put 50 basis points, which is half one percent, up to one percent into Bitcoin, and that’s where you’re going to break out of this range." O'Leary told YouTuber Crypto Jebb.
"How high? Nobody knows because the demand is almost insatiable," he added.
"There seems to be a tendency, and it's accelerating quarter by quarter, for institutions to start allocating the bitcoin, and bitcoin is sort of the gold of currencies, and you could consider Ethereum as silver, I think at this point," O'Leary noted.
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