October 6, 2022

Celebrity Shark Tank investor Kevin O’Leary reportedly says policies will affect investments in the digital asset space as he shares his optimism that US policymakers will support cryptocurrencies.

Benzinga reports that O’Leary predicts that upcoming policies will have a positive outlook for stablecoins as it will be bullish for both the US dollar and the crypto market.

“The reason both sides would support stablecoins is that it would make the US dollar the default currency globally. If a stablecoin backed by US dollars and T-bills is regulated as a payment system,” it could spark the interest of “sovereign funds and financial institutions.”

As the price of Bitcoin (BTC) falls below $20,000, O’Leary also warns that the leading cryptocurrency is likely to remain under pressure unless clear cryptocurrencies are established. BTC is currently trading at $18,448, down more than 70% from its all-time high in November.

O’Leary believes that the US will soon introduce its own crypto regulation and that this will benefit companies such as Bitcoin miner Bitzero, in which he has invested.

“I’m encouraged that in the next 18 months we may have a policy and I think that will reflect well on the valuation of firms like Bitzero, especially those that know how to provide ESG [Environmental Social and Governance] solution for large institutions.”

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Featured image: Shutterstock/jiang jie feng/Fotomay

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