Kevin O’Leary says Bitcoin won’t reach $300,000 until institutions are comfortable buying it. He predicts that once US regulators clarify the rules surrounding cryptocurrencies, Bitcoin’s price will skyrocket. Institutions should commit 1 percent to 3 percent of their portfolios to Bitcoin, according to O’Leary.
Kevin O’Leary says Bitcoin won’t hit $300000 until money and pension funds heat up
According to Kevin O’Leary, Bitcoin will not reach $300,000 until money and pension funds heat up. He believes that after US regulators explain the cryptocurrency’s laws, the price of bitcoin would climb. Kevin O’Leary recommends that institutions allocate 1 percent to 3 percent of their portfolios to bitcoin. Don’t expect Bitcoin’s price to double or even treble, as “Shark Tank” investor Kevin O’Leary suggested.
According to “Shark Tank” investor Kevin O’Leary, Bitcoin will not double or triple in price anytime soon. In a Wednesday interview with Stansberry Research, he added, “If you want to talk about Bitcoin going to $100,000, $200,000, $300,000, it’s going to be when institutions can finally buy it.”
“The US regulator will rule on cryptocurrencies sometime in the next two to three years,” he said. The administration of Vice President Joe Biden is set to sign an executive order next week mandating federal agencies to develop a comprehensive regulatory framework for cryptocurrencies.
“As soon as that happens, I’m going to allocate probably 1 percent to 3 percent of my sovereign fund or pension plan to it, and I want to belong bitcoin when that happens,” O’Leary said.
Bitcoin, Ethereum, and stablecoin USD Coin are all known to be held by a Canadian businessman. He’s previously stated that his crypto holdings are nowhere near 20percent, but that his operating company has grown to above 10percent.
“For all of the buzz around Bitcoin, none of those institutions possess a single coin,” he added. “I can tell you with assurance right now because I handle sovereign wealth funds and pension plans, and I’m in the indexing business. And they won’t unless their compliance departments allow the ESG (Environmental, Social, and Governance) mandates to be checked the box on that, as well as be compliant on the asset class itself,” says the expert.
“However, once they have that approval, the price of the coin will skyrocket,” he warned. According to CoinGecko data, Bitcoin was the last trading 5.6 percent lower at $40,329 on Friday, which is down 40 percent from its all-time high of about $69,000 in November.
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