Canadian investor Kevin O’Leary (aka “Mr. Wonderful” on ABC TV series “Shark Tank“), said in a recent interview that a massive amount of institutional investment capital is waiting to flow into crypto.
O’Leary claims that institutional capital is waiting on the sidelines for regulatory clarity before investing in crypto. During an interview with Michelle Makori, editor-in-chief of Kitco News, at the recent Bitcoin 2022 conference in Miami, Florida, O’Leary commented on a new proposal put forth by Wyoming Senator Cynthia Lummis and New York Senator Kirsten Gillibrand. The two legislators are pushing for the U.S. government to adopt a regulatory framework for crypto.
As reported by The Daily Hodl, O’Leary said:
“I’m coming to the conclusion, particularly after the feedback from the institutions here at the [Bitcoin 2022] conference, [that we] will take any regulations. Give us anything. I mean, we’re going to make the assumption, because it’s bipartisan and they’ve taken so much input from the industry, that we’ll get something that’s workable...
“It may not be perfect, but the reason you care, as an investor, the reason would want Lummis to be successful… Is that the institutional capital is like a giant dam, a wall of money, that can’t invest yet. So it’s a spigot of capital in the trillions of dollars – not a dime of it has been put into crypto yet. Can you imagine what would happen to asset values if they started to allocate? That’s the investment there.”
O’Leary argued that institutional capital was “practically zero” in the crypto markets at present, and that the majority of institutions were “not even in the game yet.” He explained the easiest path to regulatory clarity would be the approval of an US-based Bitcoin ETF.
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