Kevin O’Leary in a recent interview said he believes there is no way a government-imposed crypto ban would work.
Kevin O’Leary (Shark Tank) is a well-known television personality. Over the last year, the Canadian businessman has become a vocal supporter of Bitcoin.
Despite his doubts at first, O’Leary seemed to be awed by the new asset class. In a recent interview with the Bitcoin Magazine podcast, he stated that governments will never be able to prohibit it.
Bitcoin acceptance is too widespread for a few governments to institute a ban, he added. “, he explained.
“I don’t see a situation where it’s going to be made illegal anywhere, and the thesis is the genies out of the bottle. Bitcoin is distributed all around the world and used as property, and currency, in every country on Earth. And so, I don’t see, even if one country says they’re going to make it illegal, how they’re exactly going to do that”
In response to recent price volatility and dwindling market value, O’Leary stated, “Bitcoin is a volatile asset, there’s no denying that, but we’ve reached a tipping point.”
He further stated that he has no plans to sell or trade his assets, but rather will hold them for years to come, believing that its price will eventually eclipse the S&P 500 index.
The price of bitcoin has dropped 50% from its April all-time high of above $64,000, but that hasn’t stopped the Shark Tank investor from boosting his BTC holdings.
O’Leary stated that he intends to boost his Bitcoin allocation from 3 percent to 5%.”, he added.
“The world is going to move towards digital currency. Bitcoin was the beginning of that, it is the granddaddy of it all, which is why it’s so desirable.”
As regulations and FUDs fade, O’Leary predicts that more institutions will flock to bitcoin.
The price of bitcoin dipped below the critical support level of $30K on Tuesday, but it quickly rebounded the next day. Bitcoin is now trading at $33,339, with a short-term price goal of $35,000.