O'Shares ETFs chairman and renowned Shark Tank investor Kevin O'Leary has once again spoken out about Bitcoin (CRYPTO: BTC). He believes one factor is holding BTC back from moving out of the current trading range.
In an interview, O'Leary, who will be speaking at the 2022 Benzinga Crypto Conference on Dec. 7, said that support of U.S. policymakers could trigger an influx of institutional capital into the crypto markets, sparking a Bitcoin rally.
"I think, and this is speculation, that if you got this thing done with just stablecoins, and you got it regulated, it would increase the value of a lot of different positions that I have, including Bitcoin," he said.
Earlier in August, he suggested that the cryptocurrency market should have strong policies and regulations.
"I predict crypto, particularly Bitcoin, will be locked between $20,000 and $25,000 until we get a policy. After that, it's not going to go anywhere because there are not enough buyers," O'Leary said.
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He had said there is an ongoing battle between the SEC and other regulators regarding crypto, NFTs, and different crypto market-related products.
O'Leary said that Bitcoin is losing its momentum in terms of adoption, "There's a fatigue in this market now. And there's a lack of adoption, and there's a lack of wallets. There's a lack of a lot of stuff, and it's coming to the front now. People [are] saying, 'We've got to break through this.' It's like a giant log jam."
At the time of writing, Bitcoin was trading at $19,508, up about 1% in the last seven days.
Photo: Courtesy of Ontario Chamber of Comm on flickr
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