Bitcoin News and Finance Shark Tank Star Kevin O’Leary Buys the Bitcoin Dip — Says Crypto ‘Desperately Needs Policy’ Skip to main content

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

Shark Tank Star Kevin O'Leary Buys the Bitcoin Dip — Says Crypto 'Desperately Needs Policy'

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says he has bought the dip during the recent cryptocurrency market sell-off. He added: “Now crypto itself desperately needs policy. It needs regulation.”

Kevin O’Leary Buys the Dip, Comments on Bitcoin Price

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

“I see bitcoin sort 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 seems to be holding between $20K and $23K. “Still very profitable for bitcoin miners that are currently mining at about $7,000 per coin at scale,” he opined.

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

The Shark Tank star continued:

Now crypto itself desperately needs policy. It needs regulation.

O’Leary explained: “There was a bill just two weeks ago that was contemplated being pushed through, not on bitcoin, just stablecoins as payment systems. And as you know that’s been a very volatile area.”

Noting that the bill “has been stalled for September,” he stressed: “I think there’s a 50-50 chance that we will have policy on basically stablecoins tied to the U.S. dollar.”

Mr. Wonderful detailed:

Let me explain specifically why I think it’s going to happen. There is a turf war going on between the SEC and every other regulator as regards to crypto, NFTs, tokens — all of this stuff.

“The smart regulators, the policymakers are saying: ‘Wait a second, let’s take one outcome. Let’s just do payment systems, just like a credit card, a visa card, or a money market fund, which has very limited flexibility in terms of what you can hold it.’ Basically, T-bills and dollar-for-dollar cash — same thing with a payment system like a stablecoin,” the Shark Tank star noted, adding:

If that policy comes down. Let’s say it gets done in September. That’s a signal to the market that we’re starting to break open the logjam on policy-making, and I’m very very optimistic.

O’Leary was also asked about his own crypto investments and what strategy he has been using during this bear market.

“We took a hit. We were at 20% and then it grew up to 23%, then it went down to 16% of the portfolio,” he shared. “It was really volatile but I’ve always said you’re going to get this volatility in an asset industry that’s not regulated because there’s no institutional bid so probably at the low we’re at 15%. We lost 40% of the value and now we’ve come back up [in] some projects. They haven’t all come back at the same pace.”

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

In some cases, we doubled down. We took advantage of the extreme volatility and the large-cap names like ETH and bitcoin. Why not add to the position if you’re going to stay long.

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

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

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory