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Multi-millionaire Kevin O’Leary says Bitcoin won’t be banned as it ‘holds economic promise’

Multi-millionaire Kevin O'Leary says Bitcoin won't be banned as it 'holds economic promise'

With Russia’s invasion of Ukraine disrupting global markets, increasing oil costs, and inflation reaching levels not seen in decades, it is vital to understand how digital currencies such as Bitcoin and Ethereum are faring in the present financial environment.

Also worth mentioning is the ongoing argument among governments and financial institutions over whether cryptocurrencies should be prohibited, as well as what realistic long-term price targets for the assets in question.

Speaking with Kitco News, Kevin O’Leary of Shark Tank made the argument that banning Bitcoin and other cryptocurrencies was no longer an existential threat.

“There’s no chance that we’re going to be banning Bitcoin or anything else that holds economic promise in terms of developing new technologies for financial services and payment systems,” O’Leary stated to Kitco’s Editor-in-Chief Michelle Makori.

Hedge fund manager is not ruling out a ban

In opposition to O’Leary’s stance was hedge fund manager Roy Niederhoffer, the founder of R. G. Niederhoffer Capital Management, who opined that he is not ruling out a ban.

Niederhoffer reminded investors that there was a period when even gold was prohibited from being owned in the United States.

“There’s a chance that Bitcoin could be banned. The private ownership of gold was banned in many countries, including the United States. However, were that to happen, it would be such an environment of chaos and hyperinflation that Bitcoin would be worth even more money at that point. If they’re going to ban it, it’s going to be the time when you absolutely want to load up on Bitcoin.”

Both panelists agreed that regulation of the cryptocurrency space was unavoidable, but that it would result in a massive rally.

According to O’Leary: 

“[Once] we get this regulation in place, the institutions [will be] pouring trillions of dollars. Those that have been speculators will benefit from the fact that these will get indexed and that will be a great upside.”

Currently, Bitcoin is changing hands at $44,410, down 0.26% on the day but up 6.33% n the last week with a total worth of $843 billion, according to CoinMarketCap data.

Watch: Kevin O’Leary Bitcoin says bitcoin holds economic promise

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