Kevin O’Leary Reveals What Will Drive Bitcoin To $300,000 | Bitcoinist.com
Bitcoin price predictions abound through bull and bear markets. In recent times, there have been numerous optimistic price outlooks for the digital asset, with some putting it as high as $200,000 by year-end. The growth of the cryptocurrency through recent years, which has been compared to that of the internet, but on an accelerated timeline, has been the major push behind these predictions. However, Shark Tank star Kevin O’Leary proposes another factor that will drive the asset above this point.
Institutional Investors Are The Big Push For Bitcoin
Millionaire Kevin O’Leary who is a prominent figure on the popular show Shark Tank recently shared predictions for bitcoin and what he believes will drive the digital asset to that point. Following the school of thought of many who have had large price predictions for cryptocurrency, O’Leary stressed the importance of institutional money coming into the market to drive the price up.
Up till now, institutional investors are still unable to purchase bitcoin, or any cryptocurrency for that matter, directly due to regulations by the SEC. These institutional investors who may not be able to invest in the digital assets themselves have taken to investing in adjacent products like ETFs and the likes. However, O’Leary explained that when they are finally able to purchase the asset themselves, it’ll be the catalyst that drives bitcoin’s price up.
Talking to Stanberry Research last week, the Shark Tank star revealed that not a single institution holds bitcoin on their balance sheets and this is due to the regulations. These institutions with include sovereign wealth funds and pension plans are unable to buy BTC directly, “And they are not going to until their compliance departments allow for the ESG mandates,” O’Leary said.
“You want to talk about bitcoin going to $100K, $200K, $300K, it’s going to happen when institutions can finally buy it,” the millionaire added. However, he also noted that bitcoin itself would have to be compliant if these institutions are going to invest in it. “When they do get that go-ahead, the price of the coin is going to appreciate dramatically,” O’Leary concluded.
BTC begins another recovery trend | Source: BTCUSD on TradingView.com
This aligns with thoughts from other prominent players in the space. ARK Invest’s Cathie Wood comes to mind when the issue of institutional money in the market comes up. The CEO had explained that BTC would rise as high as $500,000 in the next five years but noted that this would be predicated by institutional investors putting 5% of their holdings in bitcoin.
O’Leary is also quoted saying that there would be another trillion dollars pouring in to buy BTC when financial services companies are able to call bitcoin an asset and put it in an exchange-traded fund (ETF). This money which would come from institutional players would push the value of the asset even higher.
Featured image from The Metro Business Magazine, chart from TradingView.com
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