Kevin O’Leary Says BTC Will Quadruple If Crypto Industry Is Regulated
- Additionally, O’Leary predicted bigger turmoil in the industry if steps are not taken to fully regulate cryptocurrencies.
A Canadian entrepreneur and businessman, Kevin O’ Leary, has predicted a four-times increase in the value of Bitcoin if the crypto economy is fully regulated. The SoftKey Software Products Co-founder predicted during an interview with a media outlet. O’Leary, popularly addressed as Mr. Wonderful in the course of the interview, analyzed varieties of issues, including the prevailing crypto winter.
More Catastrophes Coming If Industry Is Not Regulated – O’Leary
The famous investor overtly described the lingering crypto winter as a “blip.” The term “blip,” as used by O’ Leary, means that the current market condition poses a minor effect on the industry.
He hinted that the industry is yet to endure a “bottom” situation despite facing one of its horrific market conditions. According to him, a “bottom” usually manifests from hugely ruinous and devastating conditions.
Mr. Wonderful gave instances of bottom situations, such as when the biggest actor in the crypto market goes bankrupt from the complications of market downturns. He insisted that the market can only be termed to be in “bottom” condition when such begins to manifest.
The Canadian businessman downplayed the implications of the collapse of some crypto firms, like 3AC, Voyager, and others, saying it does not hold any water. According to him, there are bigger catastrophes that may be more ruinous if encountered by the industry.
Additionally, he predicted bigger turmoil in the industry if steps are not taken to fully regulate cryptocurrencies. According to the investor, the absence of a consistent regulatory framework prone every player in the industry to a lot of risks.
Expressing his view, O’Leary averred that “a positive is that when damage hits, the damage is diversified in terms of multiple countries being involved and multiple entities being in the picture. But the downsides overweigh the positives”
Notably, the popular businessman called for robust regulations of the space, stressing that such development fosters stability. The presence of a reliable regulatory framework can help entice organizational investors to the world of cryptocurrencies, NFTs, and stablecoins, he added.
O’Leary insists the industry won’t recover from its lingering downturn until reasonable regulations are put in place. Additionally, the renowned investor advises regulators to begin the regulation crusade with stablecoin. This, according to him will motivate new and existing investors in the space.
He hopes the U.S regulator does the needful before more losses begin to manifest in the industry.
Speaking about Bitcoin, O’Leary predicted a massive surge in the currency’s value when regulations set in. According to him, immediately investors begin to purchase cryptocurrencies as regulated securities, the value of Bitcoin will quadruple”.
Recall that BTC, the largest crypto and others in the wake of the prevailing market downturn, recorded its lowest low since 2020. Notably, the digital asset currently trades at $23,785.71.