Kevin O’Leary has argued that the crypto market requires urgent policy regulation, highlighting that regulatory institutions want to apply policies. Apart from buying Bitcoin during a fall, he mentioned the automatic reaction against miners due to the amount of energy they need.
One of the stars of the Shark Tank TV program recently said that he bought Bitcoin during a price drop. He explained that he took advantage of the recent market liquidation, adding that much regulation is lacking.
It Is a Good Idea to Buy BTC at Current Prices
It is an excellent idea for almost all businesspeople and investors to buy Bitcoin. The value of the cryptocurrency has moved away by over 50% from its all-time high of nearly USD 69,000. Therefore, purchasing it at current prices may provide a high profitability level in the long term.
The current prices of BTC may not remain in the future, considering that it might reach USD 100,000 after or before the next halving.
Businessman Kevin O’Leary, also known as Mr. Wonderful, decided to take advantage of this opportunity to buy Bitcoin. The Shark Tank star explained that he saw Bitcoin testing 20,000 getting much support all the time. He thinks it is still very profitable even for Bitcoin miners, currently mining it for USD 7,000 on average.
He has repeatedly argued that the crypto market, including that of Bitcoin, requires urgent policy regulation. He said that was a problem as the different regulatory institutions want to apply policies regarding the crypto ecosystem and NFTs, among others.
Regulation Is Still Necessary for Bitcoin and the Overall Crypto Market
The star buying Bitcoin during a fall was only part of an interview since he also talked about the current mining situation. He mentioned there had been an automatic reaction against miners due to the amount of energy needed for their activity.
However, the businessman commented that they had corrected the facts, alternating energy use and looking for more sustainable solutions. For example, they have turned to nuclear or hydroelectric energy, abundant in various countries.
He also stated that Bitcoin and the overall market need an urgent regulation policy. He explained that the US Congress might pass a bill on stablecoins, not Bitcoin, which has been a worrying area for law. However, he thinks they will postpone this draft law until September, and there is a 50% chance of a policy based on dollar-pegged stablecoins.
O’Leary considers that this may happen due to the dispute between the SEC and other regulatory agencies over cryptocurrencies and NFTs, among others. He believes they will make a new payment system while creating regulations and evaluating results. In addition, he thinks they may make a new fund with limited flexibility terms.
He concluded that the market might enter a new bullish phase if they postponed the policy until September fell apart. That might lead to breaking the logjam with the political formulations, which makes him feel optimistic.
By Alexander Salazar
