Shark Tanks Kevin OLeary Says Bitcoin (BTC) Wont Break $25,000 Until One Major Thing Happens

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Shark Tank investor Kevin OLeary is casting doubt on the ability of Bitcoin (BTC) to rally above the $25,000 price level under the prevailing conditions.

OLeary says in a Stansberry Research interview that the price of Bitcoin is stagnating because the lack of cryptocurrency regulation is hindering institutional investment in the space.

We want policy, particularly those of us that work in financial services because we think it unlocks the power of institutional investors interest in crypto. So we need the policy to get there.

Im going to predict that crypto and particularly Bitcoin will be locked between $20,000 and $25,000 until we get policy. Its not going to go anywhere because theres not enough buyers. You need to tap trillions of dollars being managed by sovereign wealth, and they are not going to buy Bitcoin until theres regulation.

Bitcoin is trading at $20,210 at the time of writing, down nearly 20% from its high this month of $25,200.

According to O’Leary, crypto cannot be deemed as a bonafide asset class without regulatory framework.

Crypto is not yet a real asset class because it hasn’t been regulated yet. So for all the excitement about it, and one of the reasons Im long… is that I believe over the next two to three years we will get regulation. And then finally we can get institutional participation.

People forget that 70% of the worlds wealth is tied up in pension and sovereign wealth funds. And so if they are not allowed to buy the asset class, there is no underlying bid.

And thats one of the reasons we cant get crypto past $24,000. Its really hard because theres not really a large constituency thats permitted to buy it yet, particularly Bitcoin and Ethereum.

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