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Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says he bought the dip during the recent crypto market crash. He added: Regulation is required.
Kevin O’Leary shared his crypto market outlook and investment strategy during this bear market in an interview with Stansbury Research published Thursday.
Bitcoin seems to be testing $20,000 all the time and is getting a lot of resistance, he said when asked about the state of the cryptocurrency. Bitcoin It seems to hold between $20,000 and $23,000. It is still very profitable for Bitcoin miners currently mining at around $7,000 per coin at scale, he opined.
Recently, there has been a canned reaction to Bitcoin miners because of ESG. [environmental, social, and corporate governance] But they’re also self-correcting by getting into nuclear and hydropower, which is abundant in some countries like Norway,” O’Leary explained.
The Shark Tank star continues:
Now the cipher itself needs a policy. Regulation is required.
O’Leary explains: As you know, this is a highly volatile area.
He noted that the bill was stuck going into September, stressing, I think its a 50/50 chance of having a policy on stablecoins that are basically tied to the US dollar.
More about Mr. Wonderful:
Let me explain specifically why I think so. There is a turf war going on between the SEC and every other regulator when it comes to cryptocurrencies, NFTs, tokens, and everything else.
Wise regulators and policy makers say, Wait a minute, lets look at one outcome. You have very limited flexibility as to what you can hold, like credit cards, VISA cards, or money market funds. Think of a payment system that is being used, said the Shark Tank star. Added:
If that policy goes down. Let’s say it’s finished in September. This is a signal to the market that they are beginning to clear the policy stalemate, and I am very optimistic.
O’Leary was also asked about his own cryptocurrency investments and strategies he uses during this bear market.
“We got hit. We were at 20%, then we grew to 23% and then we were down to 16% of the portfolio,” he shared. “It’s been very volatile, but I’ve always said that we have this volatility in the unregulated asset industry because there are no institutional bids, so maybe 15% at the very least.” Lost but now recovered [in] some projects. Not all of them came back at the same pace.
Calling Bitcoin, Ethereum, Solana and Polygon big players, big market cap names, O’Leary revealed:
In some cases, doubled.Capitalized on extreme volatility and large-cap names ethereum and Bitcoin. If you want to stay longer, why not add it to your position.
Wonderful noted that the crypto asset class, including inflation, doesnt correlate with what people think it does.
What do you think about Kevin O’Leary’s comment? Let us know in the comments section below.
image credit: Shutterstock, Pixabay, Wiki Commons
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