Kevin O’Leary Slams U.S. Strategic Bitcoin Reserve Proposal as Politically Impossible

Kevin O’Leary says the Strategic Bitcoin Reserve “will never happen.” He criticizes Michael Saylor for pushing a self-serving Bitcoin agenda. Shark Tank star Kevin O’Leary has dismissed the idea of a U.S. Strategic Bitcoin Reserve. Speaking during a debate with SkyBridge founder Anthony Scaramucci, O’Leary said the proposal “will never happen.” He cited a lack of bipartisan support and questioned the motives of Bitcoin advocates like Michael Saylor. The exchange occurred on Scaramucci’s official YouTube channel. Both investors responded to an audience question about Senator Cynthia Lummis’s bill. The bill proposes that the U.S. Treasury acquire 1 million BTC to strengthen the dollar and reduce debt. O’Leary vs. Saylor: Strategic Bitcoin Reserve Sparks Sharp Divide O’Leary openly criticized Saylor, the MicroStrategy chairman, for promoting the bill. “Saylor is talking about his book,” he said. He argued that MicroStrategy’s strategy relies heavily on overvalued stock sales, preferred shares, and debt. He also claimed the company trades at twice the value of its Bitcoin holdings. According to O’Leary, such a model lacks long-term viability. He stated that promoting this approach to national policy is misleading and unproductive. Instead, O’Leary believes the U.S. should focus on stablecoin regulation. He expects Congress to pass laws that support digital dollar movement with minimal cost. He disclosed his USDC ownership and highlighted its low transfer fees compared to traditional banks. In contrast, Scaramucci supported the Strategic Bitcoin Reserve Bill. He believes it could benefit the U.S. economy long-term. He referred to David Sacks, Trump’s crypto advisor, who urged caution and bipartisan action. Scaramucci emphasized that Republican-only support could backfire. He noted that executive action without cross-party backing might lead to future reversals. He stressed that the next six months are crucial for building a broader consensus. Moreover, he argued that Bitcoin could join the U.S.’s 27 existing strategic reserves. These include gold and oil, making Bitcoin a logical addition, in his view. Meanwhile, Saylor continues to lead by example. His company recently acquired $180.3 million worth of Bitcoin. That brought Strategy’s total holdings to 555,450 BTC. Highlighted Crypto News Today Pectra Goes Live This Week – Here’s What It Means for the Price of ETH Source: https://thenewscrypto.com/kevin-oleary-slams-u-s-strategic-bitcoin-reserve-proposal-as-politically-impossible/