Fun

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

News Feed - 2022-08-07 10:08:54

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. Tags in this story buys the dip, Crypto regulation, kevin o"leary, kevin o"leary bitcoin, kevin o"leary crypto, kevin o"leary cryptocurrency, kevin o"leary ethereum, Kevin O’Leary buys the dip, Kevin O’Leary eth, Kevin O’Leary ether, Kevin O’Leary regulation, Kevin O’Leary solana


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


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. UK Parliamentary Group Seeks Views of Crypto Industry Players REGULATION | 1 day ago US Senators Introduce Bill to Give CFTC Exclusive Jurisdiction Over Digital Commodities Spot Market REGULATION | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleElon Musk Accuses Twitter of Fraud in Countersuit Over $44B Deal — Twitter Subpoenas Binance and Other Firms Next articleBinance CEO Warns ‘We Could Disable Wazirx Wallets’ — Advises Investors to Transfer Funds to Binance Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits


As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

News Feed

Celsius seeks to claw back $2B in customer withdrawals: Report
Zhiyuan Sun7 hours agoCelsius seeks to claw back $2B in customer withdrawals: ReportThe move would allegedly serve as an equity remedy to repay customers who did not withdraw their funds in time before Celsius’ collaps
Best Meme Coins to Buy as Large Whale Buying Hints at an Upcoming Litecoin Rally
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Yashu Gola19 hours agoWorldcoin stuck after 70% drop from peak — More downside for WLD price?WLD price may get anchored to $2 until October, primarily due to its initial supply distribution.3956 Total views15 Total sha
Brayden Lindrea3 hours agoCoinbase disputes SEC’s crypto authority in final bid to toss regulator’s suitCoinbase says the SEC’s definition of an investment contract isn’t in line with U.S. securities laws.2053 To
As Bitcoin’s Price Spikes Pods of BTC Whales Begin to Shrink in Size
As Bitcoin"s Price Spikes Pods of BTC Whales Begin to Shrink in Size Recent metrics from a variety of analytical web portals show that the quantity of bitcoin whales has been shrin
FBI issues warning about scammers impersonating crypto exchanges
Ezra Reguerra12 hours agoFBI issues warning about scammers impersonating crypto exchangesThe FBI urges victims to report scam activities through official channels and provide any transaction information related to the sc
EverRise Launches EverSwap With a Native Coin Swap to Facilitate Cross-Chain Exchanges
EverRise Launches EverSwap With a Native Coin Swap to Facilitate Cross-Chain Exchanges press release PRESS RELEASE.EverRiselaunches their fifth decentralized application (dApp) toda
Zhiyuan Sun4 hours agoBitstamp to suspend trading of major altcoins for US usersAll the soon-to-be-suspended tokens are alleged by the SEC to be securities in its lawsuit against Coinbase and Binance.1735 Total views34 T
Mining execs establish organization to influence US crypto voters
Turner Wright2 hours agoMining execs establish organization to influence US crypto votersA board member of the Bitcoin Voter Project described the group as nonpartisan and planned to take a different approach than initia
Bitcoin whales not selling despite $70K — BTC holdings growth ‘is going parabolic’
Zoltan Vardai53 minutes agoBitcoin whales not selling despite $70K — BTC holdings growth ‘is going parabolic’Bitcoin addresses holding at least 1,000 BTC is climbing again despite BTC price reaching over $70,000 fo
Tom Mitchelhill8 hours agoIt sounds fishy, but SBF really IS trading mackerel in prison: ReportThe former billionaire paid four “macks” for a haircut before his trial while staying at the Brooklyn Metropolitan Detent
The Coorest Carbon Standard Now Officially Certified
The Coorest Carbon Standard Now Officially Certified press release PRESS RELEASE. Coorest, a Polygon-native project, is the first blockchain project to have a certified standard for