don’t expect bitcoins double or triple in price anytime soon, according to the prediction of “Shark Tank” investor Kevin O’Leary.
“If you want to talk about bitcoin going to $100,000, $200,000, $300,000, that will be when institutions can finally buy it,” he said in a post. Wednesday interview with Stansberry Research.
“At some point in the next two to three years, the US regulator is going to make a decision on cryptocurrencies,” he said.
The administration of President Joe Biden is would have is expected to sign an executive order next week directing federal agencies to create a comprehensive regulatory framework for cryptocurrencies.
Many crypto advocates favor regulation, as long as it would allow participants to operate confidently and relatively freely within a clear framework that takes into account relevant issues. Some traditional financial institutions, including black rock, Goldman Sachsand JP Morgan added or expanded their crypto offerings. But a lack of clarity on the rules has so far prevented many investors from taking larger stakes in crypto.
O’Leary said this unclear regulatory phase will eventually come to an end.
“As soon as that happens, if I’m running a sovereign wealth fund or a pension plan, I’m going to allocate probably 1% to 3% to it, and I want to be long in bitcoin when that happens,” O’Leary said. .
The Canadian businessman is personally known to hold Bitcoin, Ethereum and Stablecoin USD coins. It is previously said his portfolio is nowhere near 20% in crypto, but exceeded 10.7% in his mining company.
“I can tell you for sure right now, because I’m in the service of sovereign wealth funds and pension plans and in the indexing business for all the hype around bitcoin, none of these institutions own a single piece,” he said. “And they won’t until their compliance departments make it possible to check the box for ESG (environmental, social and governance) mandates on this, and of course, to be class compliant. assets itself.”
“But when they get there, the price of the coin is going to appreciate dramatically,” he added.
Bitcoin last traded down 5.6% on Friday at $40,329, and is down 40% from its all-time high of around $69,000 in November, according to data from CoinGecko.