Next to the star of the shark tanker Mark CubanKevin O’Leary is now also talking about coding. In an interview with Stansberry Research, he said that the value of bitcoin will increase once the regulations are clear. In the meantime, it is shutting down the USDC stablecoin due to high inflation.
never happened before
Inflation is called an emergency. O’Leary says the Biden administration describes the inflation as “temporary”. “This is simply not true. The reason this happened is that in two years – 24 months – we have printed $3 trillion. This has never happened before, in any economy on earth.”
If you do this in some countries, you get hyperinflation. But the US economy is so large that this effect is slightly less, but still 7%. These are huge numbers. We haven’t seen this since the 1980s.”
Inflation kills presidents
O’Leary expects inflation to cause major problems. Inflation kills presidents. why? Because inflation hurts the most in food and energy.” He says people are becoming unhappy because of higher energy prices. Grocery stores are getting more expensive, and some people can’t buy them anymore. “People are taking that into the election,” O’Leary said.
O’Leary hits stablecoins
In the interview, he said that he owns stablecoins. He uses USDC for staking and charges 6.5% for it. This way I protect myself from inflation. But this is a cryptocurrency, and it is not yet regulated, so I don’t expect institutional investors to take this risk yet. Anyway, cash is not a nice place to keep your money.”
According to Shark Tank star, institutional investors must comply with ESG regulations and standards before they can invest in or stabilize coins.
Bitcoin to 300,000 in 3 years
“At some point in the next two or three years, the US regulator will release a statement on cryptocurrencies. They will judge stablecoins and bitcoin itself first,” says O’Leary. And once that happens, if I have a state fund or a retirement plan, I’ll probably allocate one to three percent to it. And I want to enter into a Bitcoin buy trade when that happens. Bitcoin could reach $300,000 when institutions can finally buy it.”
“I can tell you for sure at this point because I serve sovereign wealth funds, retirement plans, and businesses. Despite all the hype surrounding bitcoin, none of these institutions own a single currency.”
According to Shark Tank star, institutional investors must comply with ESG regulations and standards before they can invest in bitcoin. “And I think that’s going to happen in the next two or three years.”
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