It’s a bit less than two weeks since Crypto Bahamas started, but we’re still pulling content from the conference because, seriously, there was so much good alpha that we couldn’t no Share it.
During the conference, I sat down with Kevin O’Leary of “Shark Tank,” who was dressed in a pink blazer and flip flopsto discuss the current regulatory situation surrounding the cryptographic ecosystem, the institutional firms entering the space, and the type of cryptocurrency-focused business it would create if it decided to do so, among other things.
Keep reading to see the full interview.
Editor’s Note: This interview was edited for extension and clarity.
TechCrunch: What are your thoughts on cryptography policy right now? What will we see in the coming months in terms of regulation?
O’Leary: There is a lot of excitement over the bipartisan bills that are going through the Hill right now.
Let’s just do the inventory: we have the [Senator] Cynthia Lummis’s bill is Grandpa’s bill, it’s over 600 pages long, and it covers every aspect of cryptography.
Then we have [Senator Pat] Toomey e [Senator Bill] Haggerty’s bill was only focused on stable currencies, so much shorter bills are more likely to pass first, so there’s so much excitement at this conference, because stable currencies represent a payment system that could turn the U.S. dollar into digital currency worldwide.
People would probably do that before they took on any other currency; the problem is that there is no politics, and although so many institutions appear here, none of them own bitcoins. None of them have stable currencies. They do not have any cryptography, because it is not yet a regulated security.
So think about it: at the end of the day, if the policy arrives, there will be a large number of index products within the institutions, and that [could] make bitcoin move again. That would incorporate many different aspects of the blockchain into sovereign pension plans. That’s the rumor of this conference right now.
Fidelity recently said it would begin allowing Bitcoin to enter retirement plans. How do you think this influences the growth of what we are going to see with digital assets in this space?
I was very skeptical about cryptography, but I became a big advocate when I started to see a change in policy in the Canadian market.
Well, there’s no doubt that the “grandfather” asset is Bitcoin. I mean, that is, you know, 40% of the market capitalization of all the chips. So they choose that first, for obvious reasons.
However, [Fidelity] he also invested $ 200 million with Blackrock in Circle, the USDC-issuing company, something unprecedented. So, $ 400 million [total investment]with a $ 9 billion valuation of the most conservative money managers on the planet.
I think it gives you an indication of where we are going with the crypto. So Fidelity offering it on a consumer level and investing in the issuer is big business. More of that rumor, you know, is just a matter of when one of these bills becomes law. We’re close, but we haven’t arrived yet.
Do you talk to lawmakers, whether in Congress or the White House, or anywhere? What are your opinions?
They realized that 80 million Americans had started investing in crypto. Genius is out of the bottle, so to speak, so what’s missing is politics. And yet, the reason I think you’re starting to see some motivation to do something in Congress is that they’re seeing countries like Canada, the United Arab Emirates, Switzerland, Germany, France, and England move far ahead of their U.S. policy. .
So do they want to do this or not? Because if you think about what Bitcoin really is, it’s not a currency; is software. It’s software development, and developers aren’t in the United States because the regulator doesn’t want them here yet. Looks like that’s the feeling they have.
They are fans [a nationwide] politics, they will begin to reclaim this talent in the country. So I think, you know, Toomey, Lummis, all these senators, congressmen, and women understand that we have to be a part of this industry. In fact, I think crypto, in 10 years, will be the 12th sector of the S&P, so we must prepare for that. We want to own and establish a policy for that. And we’re nowhere to be found, so we have to catch up, and that’s basically why there’s some kind of urgency now.