Shark Tank Billionaire Kevin O’Leary Updates Crypto Bear Market Outlook, Says SEC Can Spark Next Bull Run

Shark tank star and venture capitalist Kevin O’Leary takes a look at the state of the crypto bear market, including some of his recent altcoin portfolio allocations.

In a new interview on Crypto Banter, O’Leary says his fund aims to add more crypto positions to helium (HNT) and pollen (PCN), both of which relate to decentralized telecom use cases.

“Our own approach [dictates that] We can’t own more than 5% of the operational fund in Bitcoin, so we also have positions in ETH and Solana and all sorts of others. We’re in the process of taking a position on pollen and helium, which are really multifaceted projects around telecom decentralization. But the whole point is, you just don’t know when these asset classes are going to move.”

O’Leary predicts that the Stablecoin Transparency Act, a bill aimed at bringing regulatory clarity to stablecoins, will be a signal that the entire industry is on the verge of legitimacy, inviting waves of new capital.

Also Read :  Western officials finalizing plans for Russia oil-price cap

“I have a personal speculation about regulation. I talked earlier about the fact that when the stablecoin law comes into effect, it will be a signal that all cryptocurrencies will eventually be regulated. Some people feel good about regulation and some don’t, but here’s a fact to consider no matter what your position.

Most of the sovereign wealth funds I work for as an indexer have no position in crypto whatsoever. If you ask them if they’re going to buy something, they want the grandfather, that’s bitcoin. They’re willing to invest 50 basis points at 1% in Bitcoin if their compliance departments allow them, and that won’t happen until the SEC orders it as a commodity or security.”

O’Leary says sovereign wealth funds around the world can’t afford to get along badly with the US Securities and Exchange Commission (SEC) because the US market is critical to their other investments.

Also Read :  Limiting the shock: adjusting personal finances to market turmoil

According to the venture capitalists, major international players will flock to the crypto markets once there is clarity from US officials.

“Here’s the benefit, 50 basis points in government wealth and pension funds is a trillion dollar buy. So you have to vote on regulation and cheer it, you put a trillion dollars into bitcoin, then you might see it at valuations of $60k to $100k. And these funds don’t care. Once they’ve indexed it there will be an auto bid if it goes below the 50 basis points they’ve decided on and they’re selling on strength so it’s going to be a really very liquid market. This is very bullish on bitcoin, not bearish.”

I

Don’t miss a thing – Sign up to receive crypto email alerts straight to your inbox

Check the price action

follow us on TwitterFacebook and Telegram

Surf the Daily Hodl Mix

Check the latest headlines

Also Read :  Speculation on US ban of Russian aluminum imports could hurt market: En+

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia



Source

Leave a Reply

Your email address will not be published.