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Shark Tank star, Mr Wonderful, Kevin O’Leary expects the price of Bitcoin to “appreciate drastically”. In an interview with Stansberry Research last week, he explained that when institutions are finally getting direct exposure to Bitcoin, with the right regulations in place, the price will skyrocket. He said:
“You want to talk about bitcoin going to $100K, $200K, $300K, it’s going to happen when institutions can finally buy it.
I can tell you with certainty right now because I service sovereign wealth funds and pension plans.”
O’Leary 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.”
O’Leary also shared a way to think about Bitcoin, which is to consider it as a software, not a coin:
“These institutions own Microsoft. They own Google. That’s software too, so it is very easy for them to get their heads around it. As soon as it’s compliant, they will buy 1% to 3%, and that’s when the price is going to appreciate.
I think that’s going to happen in the next two to three years.”