Thu, March 28

Kevin O’Leary Believes the Stablecoin Transparency Act Will Boost BTC

Kevin O'Leary, a Canadian entrepreneur and star of the show "Shark Tank," has today criticized the cryptocurrency exchange Binance, saying it intentionally caused the FTX to crash. The celebrity businessman said that Binance is a "massive, unregulated monopoly now" appearing at the Senate Committee on Banking, Housing, and Urban Affairs. Among one of the largest digital asset exchanges in the world, FTX saw a dramatic collapse last month, leading policymakers to consider digital asset regulation more than ever before. O'Leary, who has a significant investment in FTX, spoke today, saying, "“I have an opinion, not the records. One put the other out of business—intentionally." Crypto Market Took a Hit The largest cryptocurrency exchange in the world, Binance, was instrumental in the downfall of giant exchange FTX last month. When Binance's CEO, Changpeng Zhao (CZ), stated that the exchange would be selling its supply of FTX's native coin, it caused a liquidity crisis. FTX declared bankruptcy a few days later. As a result of the exchange's demise, the cryptocurrency market as a whole was devastated, along with the stocks of many firms that had dealt with the giant exchange in some way. The moment has come to "separate digital assets from corrupt organizations," as Sen. Cynthia Lummis (R-WY) said during the session. Sam Bankman-Fried, former CEO and founder of FTX, was detained in The Bahamas over the weekend after U.S. authorities demanded his extradition from the nation where FTX is headquartered. As a result, he is now the subject of an investigation and faces eight felony counts. Recommended For You: Justin Sun Withdraws $100M BUSD From Binance Exchange Editors News
  • As per O’Leary, if the Stablecoin Transparency Act is passed, the BTC price will go up.
  • The Act will probably be passed by the US Congress after the midterm elections.

Kevin O’Leary, the Canadian businessman and chairman of O’Shares Investments has a recent update regarding Bitcoin’s potential price movements. In a recent interview, O’Leary declares that the price actions of Bitcoin (BTC) may increase when the Stablecoin Transparency Act is enacted.

The billionaire indicated that the Stablecoin Transparency Act has a chance of being passed by the US Congress after the midterm elections on November 8.

Kevin O’Leary stated: 

Even though it has nothing to do with bitcoin, that will be the first regulation passed by U.S. regulators, and I would argue you want to be long bitcoin going into that outcome. You’re going to see a lot of interest in institutional capital coming into stablecoins.

He also advises investors to hold long on Bitcoin. 

Will BTC Rise?

O’Leary continuously stressed that the approval of this Stablecoin Transparency Act may enhance the value of BTC. 

He additionally added: 

If institutions smell policy, then you’ve got a real move up, and that’s when you break out of the $19,000 to $22,000 trading range against the U.S. dollar. I think you will go right through that very quickly. So, end of the day, regulations come, bitcoin goes up.

O’Leary believes that the Stablecoin Transparency Act will signal that the entire industry is on the threshold of legitimacy, attracting waves of fresh investments. However, O’Leary pointed out the risk in the crypto industry.  According to the Shark Tank star, there is a risk in investing in Bitcoin and other cryptocurrencies. 

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A passionate content writer, particularly interested in sports writing. Always keen to explore crypto world.