Renowned Shark Tank host Kevin O'Leary, also known as Mr. Wonderful, has expressed his optimism about the future of Bitcoin. He believes that after the adoption of the law on the regulation of stablecoins, the BTC rate will increase significantly. O'Leary expects this to happen after the November midterm elections to the US Congress.
Despite the fact that this does not affect Bitcoin, this will be the first law passed by US regulators regarding crypto assets. Institutional investors will show great interest in stablecoins and will pour their capital into them. Therefore, I would say that many will want to buy Bitcoin now for long-term storage in order to wait for this result. Cryptocurrencies cannot be stopped. You either join the wave or you get lost in it..O'Leary said
The Law on Transparency of Stablecoins is highly likely to be passed by the US Congress after November 8, according to O'Leary. This law is supported by a majority of legislators as it makes the US dollar the default payment currency worldwide. Although this law does not directly affect Bitcoin, it will be the first law passed by US regulators regarding crypto assets.
Institutional investors are expected to take a keen interest in stablecoins after the passage of this law, and will likely invest their capital in them. As a result, many investors will want to purchase Bitcoin for long-term storage in anticipation of this development. O'Leary emphasizes that cryptocurrencies cannot be stopped, and that one must either join the wave or get lost in it.
O'Leary also notes that the regulation of stablecoins will give large investors greater confidence in Bitcoin. This increased confidence, in turn, could help Bitcoin break out of the $19,000-$20,000 price range. Despite acknowledging the risks of investing in cryptocurrencies, O'Leary stresses that there is also a risk of missing out on the opportunity by refusing to invest in Bitcoin.
Looking to the future, O'Leary is confident that cryptocurrencies will become the 12th sector of the S&P 500 index in the next decade. This is due to the increasing adoption of the latest technologies by banks and financial technology providers.
In summary, O'Leary believes that the regulation of stablecoins will be a turning point for Bitcoin and that investors who are looking for long-term investment opportunities should consider buying Bitcoin. While there are risks involved, there is also a risk of missing out on potential gains if one fails to invest.
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