Kevin O’Leary, a wealthy Canadian investor and a host on US show Shark Tank is talking Bitcoin again. And yep, he’s bullish, with one proviso – regulatory clarity.

Speaking on the popular Crypto Banter YouTube channel a couple of days ago, O’Leary, also sometimes referred to by his nickname “Mr Wonderful”, pinpointed the passing of a specific US regulation as a huge opportunity for positive Bitcoin and crypto price movement.

And that’d be the Stablecoin Transparency Act, which is currently awaiting the attention of US Congress. According to O’Leary, it apparently has a good chance of being passed after November 8 when the US midterm elections take place.

“This Act is very simple in nature which is why it may pass,” explained the Bitcoin bull convert, wearing what looked a little like a Hugh Hefner-style dressing gown.

“It’s being supported by both parties and the reason that’s the case is that it makes, effectively, the US dollar the default payment system worldwide.”

Per the bill’s outline, the act would require stablecoin issuers such as Tether (USDT) and Circle (USDC) to “hold all reserves associated with each fiat currency-backed stablecoin they issue in (1) certain government securities; (2) fully collateralized security repurchase agreements, or (3) U.S. dollars or other nondigital currency.”

“Even though it has nothing to do with Bitcoin,” said O’Leary, “that will be the first regulation passed by US regulators, and I would argue you want to be long Bitcoin going into that outcome. You’re going to see a lot of interest in institutional capital coming into stablecoins.

“So, end of the day, regulations come, Bitcoin goes up,” he added.

 

‘You can’t stop’ crypto

We’re not quite done with the O’Leary quotes. Why? At the risk of fuelling confirmation bias, it’s because they’re so damn entertainingly bullish.

If you want some bearish counter arguments, though, follow gold bug Peter Schiff on Twitter and sooner or later you’ll be swamped with his anti-Bitcoin narrative.

Or check out one of former hedge fund guy Raoul Pal’s latest threads. Although a longer term Bitcoin and Ethereum bull, Pal’s been eyeing up the possibility of a further stock market dump this month (or next). That said, he thinks that outcome also has a strong chance of being a “generational low”, based largely on historical bear-market performance.

But back to O’Leary. The 68-year-old entrepreneur and TV personality also shared his feelings in a LinkedIn post about crypto as a whole.

“You can’t stop it, you either join the wave or get lost!” he enthused, adding:

“There are people that criticize me on this, but this is one of the reasons I feel so strongly about the future of crypto and NFTs. When you have new technology emerging that can drastically boost our level of productivity and improve how we process transactions globally, you have no choice but to get with it.”

At the time of writing, the entire crypto market cap is up about 1% compared with this time yesterday and trading about US$30 billion or so under US$ 1 trillion.

Ignoring some brief volatility in both directions based on the slightly hot US inflation data released late last week, Bitcoin and Ethereum have been leading the market sideways for a while now.

Popular US crypto analyst and Forex trader Justin Bennett, however, is one of several noted chart watchers who thinks a major breakout (could be up, could be down) is imminent.