At the moment the global crypto market cap has tumbled down below $1 trillion and is positioned at $952.45 billion. The world’s first cryptocurrency, Bitcoin is also trading below $20,000 bringing down all other altcoins.
This has brought too much analysis from market experts and among such is Shark Tank investor Kevin O’Leary who is not certain about Bitcoin (BTC) hitting the $25,000 range.
In an interview with Stansberry Research, O’Leary Bitcoin claimed that Bitcoin isn’t progressing because of no cryptocurrency regulation. Also, he says that this has obstructed the institutional investors around the crypto space.
The investor asserts that there is a need for a financial policy as this will pave the way for institutional investors. According to Kevin Bitcoin price won’t trade beyond $25,000 until and unless there is a policy introduced as there is a lack of buyers.
The main reason for decreased buyers as per Kevin is there is no proper management of trillions of dollars that’s been flowing into the market and until there is a regulation buyers won’t increase.
At the time of publication, Bitcoin is changing hands at $20,194 with a slight surge of 1.14% over the last 24hrs.
Bitcoin Price To Surge With Regulation
Furthermore, O’Leary also believes that until there is a regulatory structure cryptocurrency cannot be referred to as a legitimate asset class. However, he also claims to be long towards the crypto space because he is of the opinion that in the next three years the crypto will be regulated which will attract institutional participation.
Kevin then talks about the pensioners and sovereign wealth funds which share 70% of the world’s wealth and he feels that until there is proper regulation no asset will be bought. He then says this is one of the reasons for Bitcoin to hold back below $25,000 as there is no regulation towards BTC and Ethereum.
Was this writing helpful?