In a new interview with Circle CEO Jeremy Allaire, O’Leary says getting the support of US policymakers could trigger an influx of institutional capital into the crypto markets, sparking a Bitcoin breakout.
“I also believe that the one thing – just getting stablecoins [regulations] done… It’s the lowest-hanging fruit, but it would also signal to the rest of the crypto market, primarily the institutional investor market.
I actually think, and this is speculation, that if you got this thing done with just stablecoins, and you got it regulated, it would increase the value of a lot of different positions that I have including Bitcoin.
Because they would make the assumption because we are stuck in a $17,000 – $22,000 range on Bitcoin and we will never get out of that if we don’t get institutional support. It’s just going to sit there forever.”
At time of writing, Bitcoin is changing hands for $19.596.
O’Leary also says that he’s starting to see signs that Bitcoin is losing its momentum in terms of adoption.
“There’s a fatigue in this market now. And there’s a lack of adoption, and there’s a lack of wallets. There’s a lack of a lot of stuff, and it’s really coming to the front now. People [are] saying, ‘We’ve got to break through this.’ It’s like a giant log jam.”