In a recent interview with Stansberry Research, Canadian businessman Kevin O’Leary said: bitcoin and cryptocurrencies He said that the bullish trend continues.
“No One Can Predict Bitcoin Price Volatility”
O’Leary claimed that analysts’ Bitcoin predictions were never accurate, adding that “no one” could accurately predict BTC’s volatility.
According to O’Leary, the assumption that Bitcoin would provide a hedge against inflation was “downright wrong.”
The billionaire predicts that Bitcoin will remain volatile and compares it to Amazon’s performance over the past 15 years.
O’Leary reiterated that the rhetoric about institutional adoption of Bitcoin is untrue, as the U.S. Securities and Exchange Commission (SEC) has yet to approve a Bitcoin exchange-traded fund (ETF).
According to the billionaire name, the adoption of BTC by institutions remains at a very small level due to the compliance procedures of the companies.
While annual inflation in the US hit its highest level since 1981 in April, Bitcoin has dropped 37.65% year-to-date. In addition, BTC fell by 57.88% compared to its record level.
Earlier today, Bitcoin price dropped to an intraday low of $28,690. Currently, the world’s largest cryptocurrency is on track to continue its decline for the eighth week in a row, following the performance of the Dow index.
O’Leary claimed that BTC would become the world’s reserve currency, in his April tweet, which he later deleted.
The Canadian investor, who described the largest cryptocurrency as “garbage” in 2019, started to look at cryptocurrencies in 2020.
*Not investment advice.