Shark Tank Superstar Believes Crypto Bull Market Will Start After This One Event
Famous Canadian businessman and television personality Kevin O'Leary, aka Mr. Wonderful, argues that once a specific stablecoin bill is passed and “institutions smell policy, then you’ve got a real move up,” and that’s when bitcoin (BTC) breaks out of the $19,000-$22,000 trading range.
The Shark Tank star appeared on the Crypto Banter YouTube channel on the October 14 episode, where he suggested a reason to “start going long bitcoin,” and that reason is connected to the policy in the United States.
He went on to discuss the Stablecoin Transparency Act, which he says has a chance of getting passed by the US Congress “very quickly” after November 8, the date of the midterm elections. As reported, the push for stablecoin regulation follows the massive collapse of Terra, which is a protocol that powered its algorithmic stablecoin UST.
While it doesn’t concern bitcoin directly, O'Leary argued, the “tone of the regulation” is relevant, adding:
“This Act is very simple in nature, which is why it may pass. It’s being supported by both parties, and the reason that’s the case is that it makes, effectively, the US dollar the default payment system worldwide – which everybody could get behind.”
The USD-backed stablecoin issuers would be able to get a license in the US if they are willing to go through the accompanying “scrutiny.”
O'Leary argued that,
“Even though it has nothing to do with bitcoin, that will be the first regulation passed by US regulators, and I would argue you want to be long bitcoin going into that outcome.”
He said that there would be “a lot of interest in institutional capital coming into” stablecoins, such as USD coin (USDC). The coin’s issuer, Circle, O'Leary noted, got millions in investment already. Back in April,
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