{"id":6223,"date":"2022-08-07T04:35:52","date_gmt":"2022-08-07T04:35:52","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=6223"},"modified":"2022-08-07T04:35:53","modified_gmt":"2022-08-07T04:35:53","slug":"shark-tank-star-kevin-oleary-buys-the-bitcoin-dip-says-crypto-desperately-needs-policy","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=6223","title":{"rendered":"Shark Tank Star Kevin O&#8217;Leary Buys the Bitcoin Dip \u2014 Says Crypto &#8216;Desperately Needs Policy&#8217;"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Shark Tank star Kevin O\u2019Leary, aka Mr. Wonderful, says he has bought the dip during the recent cryptocurrency market sell-off. He added: \u201cNow crypto itself desperately needs policy. It needs regulation.\u201d<\/strong><\/p>\n<h2>Kevin O\u2019Leary Buys the Dip, Comments on Bitcoin Price<\/h2>\n<p>Kevin O\u2019Leary shared his crypto market outlook and investment strategy during this bear market in an interview with Stansberry Research, published Thursday.<\/p>\n<p>\u201cI see bitcoin sort of testing $20,000 all the time, getting a lot of resistance,\u201d he said when asked about the state of the cryptocurrency, adding that BTC seems to be holding between $20K and $23K. \u201cStill very profitable for bitcoin miners that are currently mining at about $7,000 per coin at scale,\u201d he opined.<\/p>\n<p>\u201cThere has been a knee-jerk reaction against bitcoin miners lately because of ESG [environmental, social, and corporate governance] concerns but they\u2019re also self-correcting by getting into nuclear and hydropower, which you know is plentiful in some countries like Norway,\u201d O\u2019Leary explained.<\/p>\n<p>The Shark Tank star continued:<\/p>\n<p>Now crypto itself desperately needs policy. It needs regulation.<\/p>\n<p>O\u2019Leary explained: \u201cThere was a bill just two weeks ago that was contemplated being pushed through, not on bitcoin, just stablecoins as payment systems. And as you know that\u2019s been a very volatile area.\u201d<\/p>\n<p>Noting that the bill \u201chas been stalled for September,\u201d he stressed: \u201cI think there\u2019s a 50-50 chance that we will have policy on basically stablecoins tied to the U.S. dollar.\u201d<\/p>\n<p>Mr. Wonderful detailed:<\/p>\n<p>Let me explain specifically why I think it\u2019s going to happen. There is a turf war going on between the SEC and every other regulator as regards to crypto, NFTs, tokens \u2014 all of this stuff.<\/p>\n<p>\u201cThe smart regulators, the policymakers are saying: \u2018Wait a second, let\u2019s take one outcome. Let\u2019s just do payment systems, just like a credit card, a visa card, or a money market fund, which has very limited flexibility in terms of what you can hold it.\u2019 Basically, T-bills and dollar-for-dollar cash \u2014 same thing with a payment system like a stablecoin,\u201d the Shark Tank star noted, adding:<\/p>\n<p>If that policy comes down. Let\u2019s say it gets done in September. That\u2019s a signal to the market that we\u2019re starting to break open the logjam on policy-making, and I\u2019m very very optimistic.<\/p>\n<p>O\u2019Leary was also asked about his own crypto investments and what strategy he has been using during this bear market.<\/p>\n<p>\u201cWe took a hit. We were at 20% and then it grew up to 23%, then it went down to 16% of the portfolio,\u201d he shared. \u201cIt was really volatile but I\u2019ve always said you\u2019re going to get this volatility in an asset industry that\u2019s not regulated because there\u2019s no institutional bid so probably at the low we\u2019re at 15%. We lost 40% of the value and now we\u2019ve come back up [in] some projects. They haven\u2019t all come back at the same pace.\u201d<\/p>\n<p>Naming bitcoin, ethereum, solana, and polygon, which he called \u201cthe big players, the big market cap names,\u201d O\u2019Leary revealed:<\/p>\n<p>In some cases, we doubled down. We took advantage of the extreme volatility and the large-cap names like ETH and bitcoin. Why not add to the position if you\u2019re going to stay long.<\/p>\n<p>Mr. Wonderful noted that the crypto asset class \u201cis not correlated with anything as people thought,\u201d including inflation.<\/p>\n<p>Tags in this story<\/p>\n<p>buys the dip, Crypto regulation, kevin o&#8217;leary, kevin o&#8217;leary bitcoin, kevin o&#8217;leary crypto, kevin o&#8217;leary cryptocurrency, kevin o&#8217;leary ethereum, Kevin O\u2019Leary buys the dip, Kevin O\u2019Leary eth, Kevin O\u2019Leary ether, Kevin O\u2019Leary regulation, Kevin O\u2019Leary solana<\/p>\n<p><em><strong>What do you think about the comments by Kevin O\u2019Leary? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/shark-tank-star-kevin-oleary-buys-the-bitcoin-dip-says-crypto-desperately-needs-policy\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shark Tank star Kevin O\u2019Leary, aka Mr. Wonderful, says he has bought the dip during the recent cryptocurrency market sell-off. He added: \u201cNow crypto itself desperately needs policy. It needs regulation.\u201d Kevin O\u2019Leary Buys the Dip, Comments on Bitcoin Price Kevin O\u2019Leary shared his crypto market outlook and investment strategy during this bear market in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6224,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-6223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6223"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6223\/revisions"}],"predecessor-version":[{"id":6225,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6223\/revisions\/6225"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/6224"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}