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In an interview published this Friday, Shark Tank star Kevin O’Leary shares his take on bitcoin and cryptocurrency regulation.
On being asked how long it will take the U.S. Securities and Exchange Commission (SEC) to approve a spot bitcoin exchange-traded fund (ETF).
O’Leary said that it’s still far away as first there will be a policy on stable coins. He cited two bills proposed for regulating the stablecoins. Senator Pat Toomey and Senator Bill Hagerty introduced these bills separately.
The shark tank star said once the midterm elections are over, it will be easy to pass the midterm elections. He says that Biden is not focussing on crypto when his polls votings are approx. sub-31%. Hence, we would need to wait until after the midterms.
O’Leary pointed out that when Biden’s rankings were higher, the president promoted executive order on crypto.
Mr. Wonderful then says that crypto doesn’t come under “issues that make you a hero when you are declining in the polls. It doesn’t help.
Further, O’Leary noted that the market is correcting. Double-digit inflation is looming above Biden. He isn’t thinking about crypto.
Further, he stated that there are various proposals from the SEC on climate change, bitcoin, and crypto mining lined up, making the situation quite volatile.
Mr. Wonderful was also asked if he thinks this crypto winter will be a long one and where the market will head now.
Here’s What O’ Leary Had To Say On Bitcoin’s Volatility
On being asked whether he thinks this crypto winter is going to last long and where the situation in the market is headed, he said that the prediction for Bitcoin has proved to be correct. No one could ever predict its volatility. He pointed out that the assumption that Bitcoin is a hedge against inflation too has proved wrong.
Bitcoin’s volatility will remain similar to that of Amazon in the first 15 years around 30% to 50% corrections every year, he adds.
The reason he said this was that in the early days of Amazon, there was no institutional support. Mr. Wonderful explained that Bitcoin is in a similar situation. Though people claim to own the institutions, he said that they don’t and won’t be able to until the SEC rules on it.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
