Canadian investor Kevin O’Leary says he’s buying cryptocurrencies again as he prepares for the next bull cycle in digital assets.
Speaking at a conference, O’Leary said he is “back in the saddle” and placing new crypto bets as prices recover from a prolonged downturn that began last October.
O’Leary, who runs a venture capital firm and is on the TV show “Shark Tank,” said a major stock exchange adopting blockchain technology would be a “watershed moment” for crypto.
He also spoke about the recent setback for the U.S. Clarity Act, saying he expects the legislation to return to Congress’ agenda as lawmakers are developing tax policy for crypto.
“If you’re going to provide a tax policy on this asset, you want more regulation, not less,” he said, adding that he does not expect the Clarity Act to pass before the midterms.
Regarding Bitcoin (CRYPTO: $BTC), O’Leary said he sees potential for the largest digital asset to account for 1% to 3% of alternative-asset allocations globally.
O’Leary did not say which cryptocurrencies or related assets he is buying. Born in Montreal, Quebec, he has a degree from the University of Waterloo in Ontario.
Bitcoin is trading at $78,250 U.S. on Sept. 18.
