Shark Tank star Kevin O’Leary, also known as Mr. Wonderful, he says U.S. cryptographic regulations will not be released until after the midterm elections. He explained that President Joe Biden “is not interested in discussing cryptography” when his approval ratings fell to historic lows. O’Leary also quoted other factors, including double-digit inflation and high food and gas prices.
Kevin O’Leary on cryptographic regulation, Biden’s policy
Shark Tank star Kevin O’Leary spoke about the regulation of bitcoins and cryptocurrencies in an interview with Stansberry Research, published on Friday.
He was asked how far the U.S. Securities and Exchange Commission (SEC) is from approving a bitcoin-listed fund (ETF).
“It’s a long way off,” O’Leary replied. “That’s not what’s going to happen first. I think the first thing that’s going to happen is we’re going to see a policy on stable currencies.” He cited two bills that were proposed for the regulation of stable currencies. One was introduced by Senator Bill Hagerty and the other by Senator Pat Toomey.
Noting that a stable currency bill will be easy to pass after the midterm elections, he stressed:
Nothing will happen until after the semesters. Biden is not interested in discussing cryptography when his survey ratings are, you know what, below 31%. It’s not a place he wants to go, so you’ll have to wait until after the partial.
Mr. Wonderful noted that when Biden issued the encouraging executive order on crypto, its ratings were higher. A new poll shows President Joe Biden’s approval rating dropped to the lowest point of his presidency in May; only 39% of American adults approve of acting as president.
U.S. midterm elections are scheduled for Nov. 8. If the Republican Party gets control of one or both chambers, it will have the power to thwart the president’s plans.
O’Leary explained that cryptography is not one of the “problems that when you go down in the polls, you become a champion. That doesn’t help.”
Observing that “The market is correcting … People are getting gas at the pump, it’s going to the driving season, at unprecedented prices in the last 20 years. The price of protein is rising by 20% to 40%,” he told Shark Tank star:
Biden faces double-digit inflation … He’s not sitting around worrying about cryptography.
In addition, O’Leary described that there are many different proposals coming out of the SEC around climate change, cryptography, and bitcoin mining. “So it’s a very volatile situation right now,” he said.
Mr. was also asked. Wonderful it is thought that this cryptographic winter will be long and where the market will now go.
“Bitcoin forecasts have never been accurate. No one has been able to predict their volatility,” he said.
I would argue that bitcoin’s volatility will remain very similar to what Amazon has been for the first 15 years: 30% to 50% corrections every 12 months.
He explained that the reason was that “there was no institutional support in the early days of Amazon.” Shark Tank star said: “This is the same for bitcoin now … People are talking about institutions that own it. That’s just not true. .
What do you think of Kevin O’Leary’s comments? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Exemption from liability: This article is for informational purposes only. It is not a direct offer or solicitation of a purchase or sale offer, nor a recommendation or endorsement of any product, service, or business. Bitcoin.com does not offer investment, tax, legal or accounting advice. Neither the company nor the author is liable, directly or indirectly, for any damage or loss caused or allegedly caused by the use or reliance on any content, goods or services mentioned in this article.