Kevin O’Leary, a well-known entrepreneur known as Mr. Wonderful on ABC’s Shark Tank, has predicted that following the introduction of Bitcoin regulation by the governments around the world, “a trillion dollars will come into this market overnight.”
A year ago, O’Leary issued a similar statement wherein he claimed that trillions of dollars would pour into Bitcoin after Bitcoin miners are able to solve the environmental, social, and corporate governance (ESG) issues. He recently evolved his position on Bitcoin mining, asserting that it can help with clean energy investments.
As per a report from Business Insider, O’Leary hinted that once nations around the world bring Bitcoin regulation, institutions will be able to take advantage of Bitcoin investing and payment systems seamlessly.
Mr. Wonderful Thinks Countries Might Follow Canada’s Lead
O’Leary recently spoke with the Bankless Podcast, where he gave an example of OSC (Ontario Securities Commission), which “granted the very first crypto alternate license connected to a seller dealer.” He added that this action from the Canadian authority would force other nations to act on Bitcoin regulation as well.
He believes that once Bitcoin regulation is adopted across various nations, “an enormous quantity of demand might come into the market” which will cause a decrease in the volatility of Bitcoin.
“I’m speaking about bringing the actual cash into crypto, the actual sovereign wealth,” O’Leary continued. “It’s the trillion dollars that’ll come into this market in a single day when it is regulated.”
O’Leary is known as a fiat investor adding to the “high velocity fiat trash economy” through risky and leveraged investments. But as an investor he has to understand the power of education and might take a look at one or the other bitcoin book.
If he decides to pick up ‘The Bitcoin Standard’ or ‘The Fiat Standard’ by Saifedean Ammous he could eventually become a sound money investor and attain a low time preference. This could impact his investment style and potentially make him a true supporter of the Bitcoin idea.
Whether government regulation will change Bitcoin is yet to be revealed as the core protocol is not altered by external events. Bitcoin will still be the same after governments have yelled at it.