SharkTank’s Kevin O’Leary is skeptical about Bitcoin’s ability to rally above the $25,000 price level under current conditions.
In an interview with Stansberry Research, O’Leary said bitcoin’s price has stagnated because the lack of regulation of the cryptocurrency has hindered institutional investment in the space.
“We want policy, especially for those of us in financial services, because we think it will unleash the power of institutional investor interest in cryptocurrencies. So we need policy to get there,” he said.
O’Leary believes that Bitcoin will be locked between $20,000 and $25,000 until a policy is obtained. Institutional investors will not buy Bitcoin until there is regulation.