Kevin O'Leary: ''If This Happens, It Will Push Bitcoin to $60,000 in 2 Weeks''

Prominent venture capitalist Kevin O'Leary made statements about the cryptocurrency exchange.  O'Leary stated that he believes that a certain group of wealthy investors will determine whether Bitcoin (BTC) will become the largest cryptocurrency by market capitalization, and that a clear regulatory framework will blow up the cryptocurrency leader Bitcoin.

Shark Tank star Kevin O'Leary, who was a guest on a recent episode of Crypto Banter, underlined that he had a hard time participating in the discussions about Ethereum (ETH) overtaking Bitcoin and becoming the largest cryptocurrency: "I don't care if it's Norway, the UAE (United Arab Emirates) or Saudi Arabia, when I talk to sovereign wealth, their demand is for Bitcoin. They don't have the analysis we just did. Yes, they want a proxy of Bitcoin and they want that volatility. ETH could support this if it becomes the default platform for other digital assets. But in the short term, demand for Bitcoin for 1 percent to 3 percent of a portfolio is a standard. These sovereign wealth portfolios look like this: no more than 20 percent in any one sector, no more than 5 percent in any one name. When you ask them if they would buy any digital asset, and if they would, which one would it be and at what rate, Bitcoin stands out with about 50 basis points at the low end and 300 basis points at the high end. And 99 percent of the time they say Bitcoin. That's all they know.'' In addition, O'Leary added that sovereign wealth funds are just waiting for a clear regulatory framework before buying Bitcoin (BTC), adding, "It's going to take a while for that demand to come and I think that's going to be the number two factor. And they certainly like USD Coin (USDC), Solana (SOL) and Polygon (MATIC). It's going up and down the list of cryptocurrencies ranked by market capitalization. I understand that, but if there was a Bitcoin regulation right now, I swear to you that the price would be $60,000 in two weeks," he said. The investment information, comments and recommendations in this article are not investment advice. Investment advisory services are provided individually, taking into account the risk and return preferences of individuals. The content contained herein is in no way directive and the recommendations are of a general nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in accordance with your expectations.