Shark Tank star Kevin O’Leary, aka Mr. Wonderful claims he bought the dip in the cryptocurrency market’s recent sell-off. He said that crypto needs regulation. It needs regulation.”

Kevin O’Leary Purchases the Dip, Comments about Bitcoin Price

Kevin O’Leary, a Stansberry Research interviewee, shared his views on the crypto market and his investment strategy during this bearish market in an interview published Thursday.

“I see bitcoin sort of testing $20,000 all the time, getting a lot of resistance,” he said when asked about the state of the cryptocurrency, adding that BTC seems to be holding between $20K and $23K. “Still very profitable for bitcoin miners that are currently mining at about $7,000 per coin at scale,” he opined.

“There’s been a knee-jerk reaction to bitcoin miners recently because of ESG[environmental, social, and corporate governance] concerns, but they’re also self correcting by getting into nuclear or hydropower which you know is abundant in some countries such as Norway,” O’Leary explained.

The Shark Tank star continued:

Now crypto itself desperately needs policy. It requires regulation.

O’Leary said: “There was a bill two weeks ago that was being considered being pushed through. It was not on bitcoin but only stablecoins payment systems. As you all know, that’s been an extremely volatile area .”

Noting that the bill “has been stalled for September,” he stressed: “I think there’s a 50-50 chance that we will have policy on basically stablecoins tied to the U.S. dollar.”

Mr. Wonderful detailed:

Let me explain specifically why I think it’s going to happen. The SEC and all other regulators are engaged in a turf battle over crypto, NFTs, tokens – everything.

” The smart regulators and policymakers are saying, “Wait, a second, let us take one outcome.”

“The smart regulators, the policymakers are saying: ‘Wait a second, let’s take one outcome.” The Shark Tank star added:

If that policy comes down. Let’s assume it is done by September. This is a signal to market that we are beginning to break the block on policy-making. I am very optimistic about this.

O’Leary was also questioned about his crypto investments and the strategy he used during this bear market.

We took a hit. We were at 20% and then it grew up to 23%, then it went down to 16% of the portfolio,” he shared. “It was really volatile but I’ve always said you’re going to get this volatility in an asset industry that’s not regulated because there’s no institutional bid so probably at the low we’re at 15%. We lost 40% of the value and now we’ve come back up [in] some projects. They aren’t all returning at the same speed

Naming Bitcoin, ethereum and solana. O’Leary said that these are “the big players, big market cap names.”

In some cases, we doubled down. We took advantage of the extreme volatility and the large-cap names like ETH and bitcoin. If you intend to stay long, why not add to the position?

Mr.

Mr.

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