In an interview with Circle CEO Jeremy Allaire, star investor Kevin O’Leary said if there are regulations for stablecoins of bitcoin He claimed it would exit its current range and trade higher.
“Stablecoin Regulation In The USA Could Trigger A Rise In Bitcoin”
According to O’Leary, if stablecoins get the backing of US politicians, more institutional capital to cryptocurrencies can increase the price of Bitcoin.
The famous investor expressed his thoughts as follows:
“I also believe in one thing – just stablecoin regulations… This seems the easiest, but it will also signal the rest of the crypto market, especially the institutional investor market.”
O’Leary also spoke about the drop in Bitcoin price, saying that this is due to the cryptocurrency losing its adoption momentum. “There is a fatigue in this market now. “There is a lack of adoption and there is a lack of wallets,” he said.
Kevin O’Leary was an active critic of BTC in 2017. But according to him, when customers started asking for it, he had to change his mind and saw the efficiency of stablecoins for international payments.
“We are in difficult territory right now because we lack regulation,” O’Leary said, emphasizing the need for stablecoin regulations.
He added that unless there is institutional support, Bitcoin will be stuck in the $ 17 thousand – $ 22 thousand range. However, this institutional support can only come if stablecoins are issued, according to the trader.
For his part, Allaire added that regulations for stablecoins are currently in the works and will soon be available at the federal level. According to him, the Fed should be the one to regulate stablecoins.
O’Leary also spoke about adoption and the complexity of wallets limiting adoption.
He added that he now sees many opportunities in the industry. He argued that crypto markets will reach gigantic proportions in the next decade due to the industry’s high efficiency, transparency and opportunities compared to other financial services.
Allaire agreed, saying that the next wave of adoption should focus on user experience and security.
*Not investment advice.
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