O'Shares ETFs chairman and renowned Shark Tank investor Kevin O'Leary has once again spoken about Bitcoin BTC/USD and the sustainability of holding the apex crypto.
In a recent interview with Stansberry Research, O'Leary, who will be speaking at the 2022 Benzinga Crypto Conference on Dec. 7, said that the price of Bitcoin is stagnating because of the lack of cryptocurrency regulation, and the present market needs policy and regulation.
"I predict crypto, particularly Bitcoin, will be locked between $20,000 and $25,000 until we get a policy. It's not going to go anywhere because there are not enough buyers," O'Leary said.
Regarding how the regulated market will benefit the crypto community, O'Leary said, "Crypto is not yet a real asset class because it hasn't been regulated yet. So for all the excitement about it, and one of the reasons I'm long… is that I believe over the next two to three years, we will get regulation. And then finally we can get institutional participation."
Earlier this month also, he advocated for a strong system to regulate the crypto market. He had said there is an ongoing battle between the SEC and other regulators regarding crypto, NFTs, and different crypto market-related products.
Are you ready for the next crypto bull run? Be prepared before it happens! Hear from industry thought leaders like Kevin O’Leary and Anthony Scaramucci at the 2022 Benzinga Crypto Conference on Dec. 7 in New York City.
O'Leary spoke about pension and sovereign wealth funds and said there would be no underlying bid if they were not allowed to buy various asset classes. This is one of the primary reasons we can't get Bitcoin above $24,000, he explained.
"It's hard because there's not a large constituency that's permitted to buy it yet, particularly Bitcoin and Ethereum," he concluded.
At the time of writing, Bitcoin was trading at $20,003, down 3.17% in the last 24 hours, and 6% lower in the last seven days.
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