In an interview with Stansberry Analysis, Shark Tank star Kevin O’Leary discussed bitcoin and cryptocurrency regulation.
Is an ETF for bitcoin in the United States still a long way off, or is it closer than ever? In response, O’Leary said:
It is a big change, and there’s no way this is going to work out like that. Stable coins will receive the most attention first.
Among the payments he mentioned were those proposed for regulating stable coins. Senator Invoice Hagerty started one, and Senator Pat Toomey began the other. He predicted that following the midterm elections, transferring a stable coin invoice would be simpler.
Also, after the midterm elections, a lot of things will change, and when President Joe Biden’s poll numbers dip below 31%, he will not be interested in talking about crypto. People will have to wait until after the midterms to see him because that’s not where he wants to go.
The Shark Tank star noted that Biden’s ratings rose after issuing the positive executive order on cryptocurrency. However, with only 39% of Americans approving his job performance as president, Biden’s approval rating has dropped to its lowest since taking office.
The impacts of the Midterms on cryptocurrency regulation
Primaries in the United States will take place on November 8th. The president’s plans could go up in smoke if the Republicans take control of one or both chambers of Congress.
According to O’Leary, cryptocurrency is not one of those “issues that you become a champion of when you are declining in the polls. That is of no extra help to Biden.”
Acknowledging the “correction in the market”: Fuel prices have soared over the last two decades, making it impossible for people to fill up at the pump. The Shark Tank star claims that “the price of protein has increased by over 20 percent.” Also, as inflation approaches double digits, the President has lost interest in crypto.
The SEC, according to O’Leary, is considering many proposals related to climate change, cryptocurrency, and bitcoin mining. After the interviewer asked if this crypto winter will last, O’Leary said he doesn’t know where the market would go.
O’Leary emphasized that no one has ever been able to accurately estimate the value of bitcoin. “A hedge against inflation?” “Well, you know, it was wrong,” he said of the speculation.
He made the following statement:
I expect Bitcoin’s volatility will correct between 30 and 50 percent every year in the next fifteen years.
Here is why:
It was because “there was no institutional support in the early days of Amazon.” “That’s the same right now for bitcoin,” the Shark Tank star argued. People talk as if corporations are to blame for the problems, but that’s not the case. They don’t own any of it and won’t until the Securities and Exchange Commission rules it.”
Kevin O’Leary: The U.S. has to do more on crypto regulation
Kevin O’Leary stated in April that blockchain and cryptocurrency would one day be the 12th sector of the S&P 500. Also, he was “very confident” that there would be a sensible implementation of government crypto regulation before mass adoption.
The tempo and momentum of policy proposals emerging out of bipartisan Senate committees and the Hill has never been greater. Lummis’ bill is in the works. The Haggerty bill for stable coin and the Toomey bill for stable coin is possible. We have the POTUS executive order, which came out within six weeks and is all about the future of cryptocurrencies.
Internationally, there has been a wide range of cryptocurrency regulations, from outright bans to early cases of bitcoin becoming a country’s national currency, such as El Salvador, announced in 2021.
On the other hand, Canada allows bitcoin ETFs, ethereum ETFs, and a cross-border cryptocurrency dealer.
We have fallen behind in the U.S. because there is so much innovation going on in other countries, with regulators at different stages of releasing policy on this,