- 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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