The policy determines crypto market
Prominent Shark Tank investor Kevin O’Leary suggested that the policies will impact investments in the digital asset space and expressed optimism that U.S. policymakers will support cryptocurrencies.
O’Leary predicts the upcoming policies will bring positive change to stablecoins, boosting prices for both the U.S. dollar and the cryptocurrency market.
“The reason both sides would support stablecoins is that it would make the U.S. dollar the default currency, globally. If a stablecoin backed by the US dollar and Treasury bills was regulated as a payments system,” that may spur interest by ‘sovereign wealth funds and financial institutions.”
As the price of Bitcoin (BTC) falls below $20,000, O’Leary also warned that the leading cryptocurrency will likely remain under pressure unless explicit cryptocurrency policies are adopted.
At the time of writing, BTC is trading at $18,448, down more than 70% from ATH levels in November.
O’Leary is optimistic about U.S. policies.
O’Leary is confident that the U.S. will soon introduce its own cryptocurrency regulation, and this will benefit companies like Bitcoin miner Bitzero that he has invested in.
“I’m encouraged that, over the next 18 months, we may have policy, and I think that will be well reflected in the valuations of firms like Bitzero, particularly ones that know how to provide an ESG [Environmental Social and Governance] solution for large institutions.”