Kevin O’Leary, a Shark Tank participant and venture investor, comments on the state of the cryptocurrency bear market and shares some of his most recent allocations to his altcoin portfolio.
In a recent interview with Crypto Banter, O’Leary stated that his fund is considering increasing its holdings in the cryptocurrencies Helium (HNT) and Pollen (PCN), both of which are related to use cases for decentralized telecommunications.
We can only own 5% of the operating fund in Bitcoin, according to our own operating policy, hence we also have positions in ETH, Solana, and a variety of other cryptocurrencies. We are currently debating between two highly varied projects centered on the decentralization of telecommunications providers, Pollen and Helium. However, the main issue is that you simply cannot predict when these asset classes will move.”
O’Leary believes that the Stablecoin Transparency Act, a law intended to clarify regulatory requirements for stablecoins, will signify the industry’s impending legalization and usher in a flood of fresh funding.
“I have a personal theory regarding regulation. I mentioned before that if the Stablecoin Act becomes legislation, it will be a hint that all cryptocurrencies will eventually be controlled. Regardless of your position on regulation—some people like it, some people don’t—consider this reality”.
The majority of the sovereign wealth funds that I represent as indexes hold no investments in any sort of cryptocurrency. They want Bitcoin, the big daddy, when you ask them if they want to buy something.
According to O’Leary, because the US market is so important to their other investments, sovereign wealth funds from around the world cannot afford to have a bad relationship with the US Securities and Exchange Commission (SEC).
Venture capitalists predict that once US officials have provided clarity, major international players will flood the crypto markets.
The good news is that a trillion dollars may be purchased for 50 basis points in sovereign wealth and pension funds. As a result, you must vote in favor of regulation, and if you invest a trillion dollars in Bitcoin, its value will rise to between $60,000 and $100,000. These money are unconcerned.
Once they index it, an automatic bid will be placed when it drops below the 50 bps they’ve agreed to own, and they will sell for strength, creating an extremely liquid market. That is highly positive for Bitcoin, not negative.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/10/22/shark-tank-billionaire-kevin-oleary-updates-crypto-bear-market-outlook-sec-can-spark-next-bull-run/