Kevin O’Leary, shark tank, aka Mr. Wonderful, is said to have bought the Bitcoin dip during the recent crypto market sell-off. He also shared his market outlook and investment strategy in this bear market in an interview with Stansberry Research, published on Thursday.
“I see Bitcoin is still very profitable for miners because the cost to generate one BTC is only $7,000 on a large scale.”
“There has been a recent backlash against Bitcoin miners because of ESG (environmental, social and corporate governance) concerns, but they are also improving themselves with nuclear and hydro,” O’Leary explained and continued:
“Cryptocurrency itself is in dire need of regulation now.”
“Just two weeks ago, a bill was being considered, but not about Bitcoin, but about using stablecoins as a means of payment. And as you know, it’s a very volatile sector.”
Noting that the bill “was put on hold in September,” he emphasized: “I think there is a 50% chance that the US will have a base policy for stablecoins pegged to the US dollar.”
Talking about Bitcoin, Ethereum, Solana, and Polygon, O’Leary revealed:
“We were hit…It was volatile, but I always knew the unregulated asset sector would be volatile because there was no institutional support.”
Mr.Wonderful also noted that cryptocurrencies are “not correlated with anything as people think,’ including inflation.