Passing Of Stablecoin Transparency Act Would Push Bitcoin Price Higher, Says Kevin O’Leary

Kevin O’Leary has recently made a statement in regard to the Stablecoin Transparency Act (STA) that could prove promising for Bitcoin (BTC).

Kevin O’Leary’s Statement

Kevin O’Leary, who is O’Shares Investment Advisers’ chairman and the star of the reality show “Shark Tank”, has made a supporting statement for Bitcoin.

He talked about Bitcoin (BTC) while talking about the adoption of stablecoins during an interview at one of the YouTube channels “Crypto Banter” on Friday.

O’Leary, also known as “Mr. Wonderful” talked about the acceptance of the new act involving stablecoins in the United States.

He commented on the Stablecoin Transparency Act, stating that there is a high chance that the US Congress may pass the new act.

He stated that Congress maybe wait for the midterm elections to be held before it makes a decision on the Stablecoin Transparency Act.

O’Leary speculated that the US Congress would proceed with passing the new act on November 8.

Kevin O’Leary’s Take on the Matter

Kevin O’Leary stated that the new Act presented in favor of stablecoins is quite simple. The very nature of the new Act would allow the US Congress to make a decision in its favor.

He added that both parties are supporting the Act so there is a very high chance it would get passed by the Congress members.

According to O’Leary, he considers the new Act to be a great opportunity for the United States to strengthen the worldwide presence of the USD.

He stated that the majority of the stablecoins are pegged with the USD. Therefore, as more stablecoins get adopted all over the world, they strengthen the presence of the USD.

He added that as a result, the USD would become a default payment system all over the world without the US making any special effort.

Great Support for Bitcoin

Kevin O’Leary then included Bitcoin in his statement stating that Bitcoin would gain tremendously with the adoption of the new Act.

The trading price of Bitcoin may surge tremendously as the investors may start going “long” with their investments in the largest cryptocurrency.

He did mention that although Bitcoin has nothing to do with stablecoins but it is to benefit from the Act. The US accepting the stablecoins would eventually increase the trust level of the investors in crypto.

The US would have indirectly accepted cryptocurrencies and Bitcoin would be at the top of everything.

According to Kevin O’Leary, the trading price of Bitcoin would rise tremendously after November 8. It would be a great push for the trading price of Bitcoin, increasing its demand in the US market.