Kevin O’Leary, aka Mr. Wonderful, has shared what he thinks the price of bitcoin will be in the coming years. He said when institutions get the go-ahead from their compliance departments to invest in bitcoin, the price of the cryptocurrency “is going to appreciate dramatically.”
Kevin O’Leary’s Bitcoin Prediction
Shark Tank star Kevin O’Leary shared his bitcoin price prediction in an interview with Stansberry Research last week.
He explained that many institutions are not allowed to invest in bitcoin, stating: “That’s well-known because it just hasn’t been ruled by the regulator yet. So, as a proxy to getting exposure to bitcoin, they buy the equities of public bitcoin mining companies, Marathon, Riot, etc.”
O’Leary detailed:
You mean bitcoin going to $100,000, $200,000, $300,000, that will happen when institutions can finally buy it.
“I can tell you with certainty right now because I service sovereign wealth funds and pension plans,” Mr. Wonderful continued. “In the indexing business, for all the hype around bitcoin, none of those institutions own a single coin. And they are not going to until their compliance departments allow for the ESG mandates.” In addition, he noted that the crypto asset class itself has to be compliant.
The Shark Tank star said:
When they get this green light, the price of the coin will increase significantly.
O’Leary further explained that the way to think about bitcoin is not to think about it as a coin but as software.
“These institutions own Microsoft. They own Google. It’s also software, so it’s very easy for them to navigate. As soon as it is in line, they will buy 1% to 3%, and that is where the price will appreciate, ”he said, specifying:
I think that’s going to happen in the next two to three years.
In October last year, O’Leary said that if the US regulator finally allowed financial services companies to call bitcoin an asset and put it in an exchange-traded fund (ETF) like they did in Canada, “there would be another trillion dollars worth buying in bitcoin.
