Kevin O’Leary of Shark Tank discusses crypto and why it supports stablecoins

Kevin O'Leary of Shark Tank discusses crypto and why it supports stablecoins

We’re still bringing out content from Crypto Bahamas, which started a little less than two weeks ago, because there was so much amazing alpha that we couldn’t not share it.

What are your thoughts on policy in crypto right now. What are we going to see in the coming months with regard to regulation?

I sat down with Kevin O’Leary of “Shark Tank,” who was dressed in a pink blazer and flip flops, during the conference to discuss the current regulatory situation surrounding the crypto ecosystem, institutional firms entering the space, and the type of crypto-focused company he would create if he decided to do so, among other things.

O’Leary: There’s a lot of excitement about the bipartisan bills that are going through the Hill right now.

Then we have [Senator Pat] Toomey and [Senator Bill] Haggerty’s bill that just focused on stablecoins, and so they’re much shorter bills more likely to pass first, which is why there’s so much excitement at this conference, because stablecoins represent a payment system that could make the U.S. dollar the digital currency globally.

Let’s just take inventory — we’ve got the [Senator] Cynthia Lummis bill that’s the granddaddy bill, it’s over 600 pages and contemplates all aspects of crypto.

People would probably do that before they took on any other currency; the problem is, there’s no policy, and although there are so many institutions showing up here, none of them own any bitcoin. None of them own any stablecoins. They own no crypto whatsoever, because it’s not a regulated security yet.

So think about this: At the end of the day, if policy comes through, there is going to be a huge number of index products within institutions, and that [could] get bitcoin moving again. That would get a lot of different aspects of the blockchain incorporated into sovereign pension plans. That’s the buzz of this conference right now.

Fidelity recently said it was going to start allowing Bitcoin into retirement plans. How do you think that plays into the growth of what we’re going to see with digital assets in this space? Well, there’s no question the “granddaddy” asset is Bitcoin. I mean, that is, you know, 40% of the market capitalization of all the tokens. So they’re choosing that first, for obvious reasons.

However, [Fidelity] also invested $200 million beside Blackrock in Circle, the company that issues USDC — that was unprecedented. So a $400 million [total investment], at a $9 billion valuation from the most conservative money managers on earth. I think that gives you an indication of where we’re going with crypto. So Fidelity offering it at the consumer level and investing in the issuer is a big deal. More of that buzz, you know, it’s just a matter of when one of these bills becomes law. We’re close, but we’re not there yet.

Do you talk to people who make laws, whether it’s in Congress or in the White House or anywhere about this? What are their views? They realize that 80 million Americans have started investing in crypto. The genie is out of the bottle, so to speak, so what’s missing is policy. And yet, the reason I think you’re starting to see some motivation to get something done in Congress is, they’re seeing countries like Canada, United Arab Emirates, Switzerland, Germany, France, England, advancing policy way ahead of the U.S.

So do they want to get a hold of this or not? Because if you think about what Bitcoin really is, it’s not a coin; it’s software. It’s software development, and the developers are not in the U.S. because the regulator doesn’t want them here yet. It seems that’s the feeling they have.

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