Shark Tank’s Kevin O’Leary Says Bitcoin (BTC) Won’t Break $25,000 Until Something Important Happens

Shark tank investor Kevin O’Leary doubts Bitcoin’s (BTC) ability to rally above the $25,000 price level under the prevailing conditions.

O’Leary says in an interview with Stansberry Research that Bitcoin’s price is stagnant because the cryptocurrency’s lack of regulation hampers institutional investment in the space.

“We want policies, especially those of us who work in financial services, because we believe they unlock the power of institutional investor interest in crypto. So we need politics to get there.

I will predict that crypto and especially bitcoin will be locked up between $20,000 and $25,000 until we get a directive. It won’t go anywhere because there aren’t enough buyers. They need to tap into trillions of dollars managed by state treasuries, and they won’t buy bitcoin until there’s regulation.”

Bitcoin is trading at $20,210 as of this writing, down almost 20% from its peak this month of $25,200.

According to O’Leary, without a regulatory framework, crypto cannot be considered a true asset class.

“Crypto is not yet a real asset class because it has not yet been regulated. With all the excitement about this, and one of the reasons I’m so long, is that I think we’re going to get regulation in the next two to three years. And then we can finally get an institutional stake.

People forget that 70% of the world’s wealth is tied up in pension and sovereign wealth funds. So if they are not allowed to buy the asset class, there is no underlying bid.

And that’s one of the reasons we can’t take crypto above $24,000. It’s really difficult because there’s not really a big constituency that’s allowed to buy it yet, especially bitcoin and ethereum.”

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