Shark Tank Star Makes Controversial Appeal Over Crypto’s Future

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Cryptocurrency regulation is a tricky subject, but Kevin O’Leary thinks it would be a good thing.

Key points

  • Kevin O’Leary continues to invest in cryptocurrency during the bear market.
  • The shark tank star believes that legislation would be beneficial for crypto.
  • In the long term, he predicts that crypto will become one of the main industries.

Even though cryptocurrency prices have fallen this year, shark tank star Kevin O’Leary is still bullish on the market. In an interview in June, he said he was not selling his holdings and was actually buying more, bigger cryptocurrencies. However, he also said that the current bear market is proof that cryptocurrency legislation is needed.

For many enthusiasts, cryptocurrency and government regulations go together like oil and water. Cryptocurrency was originally designed as a currency that did not require any sort of central authority, such as a government or financial institution. But O’Leary thinks the legislation is exactly what the market needs.

Why Kevin O’Leary Wants Government Crypto Legislation

O’Leary argues that cryptocurrency needs regulation because it will attract more institutional investors and help stabilize the market. Right now, he says, cryptocurrencies are underowned by institutions, leading to huge volatility. These are mostly retail investors who buy through crypto apps and stockbrokers.

While O’Leary says the market will eventually rebound, he thinks volatility is a given when crypto is unregulated. If there were government policies in place, it would drive more large organizations to invest in major cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Polygon (MATIC).

Ideally, O’Leary hopes for political discussions on crypto after the midterm elections. He would first like to see the policy on stablecoins, cryptocurrencies that attempt to track the value of another asset, most often the US dollar. This seems like a natural place to start, given that investors have just lost huge amounts of money with the recent collapse of the stablecoin TerraUSD.

Cryptocurrency regulation is a difficult and controversial topic

O’Leary is far from the only big investor who wants to see crypto regulation, and it’s easy to see why. The lack of cryptocurrency rules can be problematic for investors of all sizes. There is insider trading, all manner of cryptocurrency scams, and extremely high volatility.

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Institutions have been slow to invest in cryptocurrency because it is unregulated. Although they have become familiar with the idea over time, we would likely see many more organizations buying cryptocurrencies if there were regulations in place. The regulations would also protect retail investors, many of whom have been victims of scams or failed ventures.

However, it is also easy to see why cryptocurrency enthusiasts would be against any sort of regulation. Decentralization has been a key part of crypto since the beginning, and government regulation goes against that philosophy.

I understand the appeal of decentralization, and it’s one of the things I love about cryptocurrency. But some kind of regulation seems inevitable at this point. Governments have already taken steps to ensure that investors pay taxes on cryptocurrencies. The White House plans to enact policies targeting crypto. It’s probably not a question of if, but when we will see stricter cryptocurrency regulations.

O’Leary is excited about the future of cryptocurrency

Not all crypto proponents will appreciate O’Leary’s calls for regulation, but most will be happy with his predictions for the future of the market. He believes that in the next 10 to 12 years, cryptocurrency and blockchain technology will be the 12th major sector in the stock market. This is quite a change of heart, as he was once a vocal critic of cryptocurrency.

Cryptocurrency is still very new and despite the recent bear market, it has a lot of potential. Even though the idea of ​​regulating crypto is controversial, it is something that could attract many more major investors and help the market grow.

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