Kevin O’Leary is urging Congress to look beyond Bitcoin when it comes to America’s digital asset future. In an X post, the Shark Tank investor shared a clip from the NewsNation interview and
Kevin O’Leary is urging Congress to look beyond Bitcoin when it comes to America’s digital asset future.
In an X post, the Shark Tank investor shared a clip from the NewsNation interview and named energy security and the CLARITY Act as his top priorities. He said the issue cuts across party lines.
“I want Congress to focus on two things: energy security and the CLARITY Act. It’s not about Bitcoin at all. It’s about the use of digital payment systems and blockchain to advance all 11 sectors of the economy,” he said during the interview.
“This isn’t about red or blue. It’s about helping America compete,” O’Leary wrote.
O’Leary’s comments come as Bitcoin struggles to find its footing. The cryptocurrency traded near $77,000 on Tuesday as midterm voting began, down about 9% from a month ago and roughly 28% from a year ago, according to Fortune.
The past week has added pressure.
Hackers stole about $6.3 billion from Binance on Oct. 29. Spot Bitcoin ETFs, the funds that let investors buy Bitcoin through a regular brokerage account, lost more than $1 billion over the next two trading days, according to Farside data.
O’Leary has argued that Bitcoin has plateaued because big institutions want clear rules before they invest more. Still, he struck an upbeat note in the NewsNation interview, saying Bitcoin’s cycle bottom is likely behind it and that he expects prices to rise over the next one to two years.
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O’Leary said the economy needs dependable electricity, and he sees the grid as already under strain. “We need reliable electricity to power the economy, and our grid is already stretched,” he wrote.
He paired that with a call for clear rules on digital payments and blockchain, so businesses across all 11 sectors can use the technology to improve productivity.
“We also need clear rules for digital payments and blockchain so businesses across all 11 sectors can use the technology to improve productivity,” he wrote.
In a second post on X, O’Leary addressed voters feeling financial pressure. He said he weighs the choice by asking which offer is better, and he made the case for staying invested in the U.S.
“The U.S. remains the default economy for investors around the world. With 52 cents of every internationally invested dollar coming here, I’m staying the course,” he shared on X.
His focus on the grid matters for Bitcoin too. Bitcoin mining uses huge amounts of electricity, so miners spent years locking up access to power, and AI developers now want that same power. Several miners are leasing ready-wired buildings to AI companies, and Bernstein has called them the “power landlords of AI.”
The legislation has made progress but has not crossed the finish line. The Senate Banking Committee advanced the bill on May 14 in a 15-9 bipartisan vote. A merged Senate bill, an ethics provision and 60 floor votes were still required. The bill later hit a Senate setback.
In another post on X, he cautioning that the November midterms could change the path for crypto in Washington.
He said a new balance of power in Congress could put the industry’s most important bill further out of reach.
“If the House shifts and we get gridlock, the CLARITY Act may be harder to pass,” O’Leary wrote.
He also questioned the assumption that a win in Washington would be a win for the market. “Even if the legislation passes, I’m not convinced it automatically sends Bitcoin higher,” he wrote. “That’s the question I’m watching.”
He has said before that he still owns Bitcoin but is watching two risks, regulation and quantum computing.
His latest posts widen the argument. In his view, the U.S. crypto outlook depends on whether Washington fixes the power supply and the rulebook together.
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