Why Kevin O’Leary Likes Stablecoins
KEY POINTS
- O’Leary gave the keynote speech at the Bitcoin 2022 conference, where he shared a strategy for standardizing policy for stablecoins.
- If the technology that powers the blockchain were stabilized by the backing of the U.S. dollar, it could become the reserve currency of the Earth.
Mr. Wonderful is on a mission to make stablecoins standardized as policy.
Beloved Shark Tank investor Kevin O’Leary, also known as Mr. Wonderful, has been an outspoken champion of the crypto world. His recent campaign has been to bring about policy to regulate these assets so more investments can be made. Stablecoins are a type of cryptocurrency that is backed by an existing asset to increase its, you guessed it, stability.
Why Kevin O’Leary is pro-stablecoin
O’Leary outlined in his keynote speech at the Bitcoin 2022 conference that he would like to see a stablecoin being backed by the U.S. dollar, and going on to become the reserve currency of the Earth. According to him, the cryptocurrency world is continuing to advance the most innovative technology on the planet right now. Unfortunately, he cannot invest as much as he would like because of the lack of regulations.
At the heart of blockchain technology is the idea of decentralization. It’s about taking power away from large corporations, banks, and governments, and giving it back to the people. This technology gives us wallet-to-wallet transfers, smart contracts, and NFTs. However, whenever large sums of money are being exchanged, it is also subject to theft, in this case in the form of hacking.
But because of the lack of government regulations, there is less responsibility on anyone but the investor to see reimbursements after a hack. The key here is to see the marriage of the innovative and cutting edge technology which powers the crypto world to the strength and stability of the government. “That way, we have the innovators coding, and we have the government regulating. That’s a great outcome. It’s coming soon,” says O’Leary.
A look ahead
He also cited that there is policy in the works, saying, “We've got the Lummis bill. We have the Haggerty bill for stablecoin, the Toomey bill for stablecoin. We have the POTUS executive order, all within six weeks of each other, all discussing the future of cryptocurrencies.”
If you are interested in buying Stablecoins properly, check out 5 Steps to Safely Buying Stablecoins.
Our Research Expert
Katie Clinebell is a freelance content creator and digital marketing strategist for FinTech, blockchain, and crypto brands. She has created award-winning campaigns for Snapple and Tai Pei Frozen Asian Food and received an Adobe Academic Achievement Award for content about Olympic athletes.
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