Famous Canadian entrepreneur and TV personality Kevin O’Leary, aka Mr. Wonderful, argues that once you pass a specific fixed-coin bill and “the politics of institutional smell, you’ll get a real move” when Bitcoin (BTC) crashes out of the $19,000-22,000 trading range dollar.
Shark tank star Back On the coding joke Youtube channel where discussed Stablecoin Transparency Actwho says he has a chance of being passed by the US Congress “very quickly” after November 8, the date of the midterm elections.
As reported, the pressure to regulate stablecoins after the massive collapse of Teraa protocol that supports the stable algorithm UST.
While it’s not directly about Bitcoin, O’Leary argued, the “regulatory tone” is relevant, adding:
“This law is very simple in nature, which is why it might pass. It is supported by both parties, and the reason for that is that it makes, effectively, the US dollar the default payment system around the world – which everyone can fall behind.”
Issuers of stablecoins backed by US dollars will be able to obtain a license in the US if they are willing to undergo the accompanying “screening”.
O’Leary argued that,
“Although it has nothing to do with Bitcoin, this will be the first regulation passed by US regulators, and I would argue that you want Bitcoin to be long on this score.”
He said there would be “high interest in institutional capital entering” stablecoins, such as the US Dollar (USDC). currency issuer, CircleO’Leary noted that he has already secured multi-million dollar investments. Back in April, he He said It has entered into an agreement for a financing round of $400 million with investments from Black Rock CompanyAnd the Fidelity and Research DepartmentAnd the Marshall Weiss LLPAnd the Fin Capital. like that announce A valuation of $9 billion in February of this year, up from $4.5 billion in July 2021.
The Shark Tank star concluded that,
“So, at the end of the day, regulations come in, and bitcoin goes up. […] “If institutions are smelling politics, then you have a real move up, and that’s when you get out of that $19,000-22,000 trading range against the US dollar. I think it goes through that pretty quickly.”
When it comes to the upcoming elections, if there is a stalemate between the House and the Senate, it will result in ‘do nothing in Washington’ including ‘no more spending bills’ – good for stock markets but ‘indifferent’ to bitcoin O’Leary has argued for cryptocurrencies in general.
The reason is that the bills in circulation that relate to cryptocurrency are all bipartisan, he said — both Democrats and Republicans support some form of crypto regulation. It was thus suggested, which party controls which room becomes less important. Regulations to come.
At 10 UTC Monday morning, BTC was trading at $19342, down 0.5% on the day and up 1.5% on the week. It’s down 2% in a month and 68% in a year.
You can watch the discussion here:
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