Famous Canadian businessman and television personality Kevin O'Leary, aka Mr. Wonderful, argues that once a specific stablecoin bill is passed and “institutions smell policy, then you’ve got a real move up,” and that’s when bitcoin (BTC) breaks out of the $19,000-$22,000 trading range.
The Shark Tank star appeared on the Crypto Banter YouTube channel on the October 14 episode, where he suggested a reason to “start going long bitcoin,” and that reason is connected to the policy in the United States.
He went on to discuss the Stablecoin Transparency Act, which he says has a chance of getting passed by the US Congress “very quickly” after November 8, the date of the midterm elections. As reported, the push for stablecoin regulation follows the massive collapse of Terra, which is a protocol that powered its algorithmic stablecoin UST.
While it doesn’t concern bitcoin directly, O'Leary argued, the “tone of the regulation” is relevant, adding:
“This Act is very simple in nature, which is...
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