Two billionaire names have come to the fore with their recent cryptocurrency comments. Here are the comments from Kevin O’Leary, Chairman of the O’Shares ETF, and Sam Bankman-Fried, CEO of cryptocurrency derivatives platform FTX.
Kevin O’Leary talked about factors affecting the market
Kevin O’Leary, chairman of O’Shares ETFs and famous Shark Tank investor, once again talked about Bitcoin. He believes that one factor is keeping BTC from exiting the current trading range. In an interview, O’Leary pointed to the support of US policymakers. He said this support could trigger a flow of institutional capital to crypto markets, leading to a Bitcoin rally. The billionaire used the following expressions:
I think if stablecoins are regulated it will increase the value of many different positions I hold, including Bitcoin.
O’Leary: A lot is missing in the industry
Earlier in August, he suggested that the cryptocurrency market should have strong policies and regulations. “I predict cryptocurrencies, especially Bitcoin, will be locked in between $20,000 and $25,000,” O’Leary said. After that, it won’t go anywhere as there aren’t enough buyers.” said. He said that there is an ongoing battle between the US Securities and Exchange Commission (SEC) and other regulators over crypto, NFTs and different products related to the crypto market. O’Leary stated that Bitcoin is losing momentum in terms of adoption, “There is now a fatigue in this market. There is a lack of adoption. A lot of things are missing and now come to the fore,” he said.
Sam Bankman-Fried also noted the importance of regulatory clarity
Sam Bankman-Fried, founder and CEO of FTX, was also on the agenda with his latest cryptocurrency reviews. Speaking on the podcast Unchained, Bankman-Fried stated that the US Federal Reserve’s (FED) interest rate hike affected the markets. He pointed out that this also caused the change in fiat currencies. Therefore, while the dollar may rise against BTC and other markets when it strengthens, it will decline against them when it weakens.
According to Bankman-Fried, the macro environment is driving currencies, which points to the possibility of moving crypto prices against the dollar. Similar to O’Leary, Sam Bankman Fried highlights the importance of regulatory clarity in the cryptocurrency space. The CEO believes that “if we see regulatory clarity,” this will have the biggest impact in the cryptocurrency space. According to Bankman Fried, we’re pretty close to seeing regulatory moves. “This has been the biggest challenge in years, and I think we may be getting close to that,” the CEO said.
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