Kevin O'Leary, Chairman of O'Leary Ventures, stated that Bitcoin's recent stagnation is due to the absence of a regulatory framework rather than a lack of investor interest. Appearing on Fox Business on June 10, O'Leary attributed the stall in Bitcoin's growth to the fact that the "real catalyst"—legislative clarity—has yet to arrive. He emphasized that large institutions, pension funds, and sovereign wealth funds are waiting for the CLARITY Act to become law before making meaningful allocations to digital assets.

O'Leary predicted that once regulatory clarity is established, sovereign wealth funds could allocate 1% to 3% of their portfolios to crypto. He noted that this institutional adoption is a critical factor for Bitcoin's price recovery and long-term stability. "That's why I believe the next phase of crypto adoption will be driven less by speculation and more by legislation," O'Leary stated.

Blockchain Infrastructure Opportunity

O'Leary suggested that the most significant investment opportunity may lie in blockchain infrastructure rather than Bitcoin itself. He pointed out that stablecoins have already received a regulatory boost through the GENIUS Act. The next phase of adoption, according to O'Leary, could involve widespread use of blockchain technology across corporate America for compliance systems, logistics, inventory management, and contracts.

"When regulatory clarity arrives, one blockchain network could become the foundation for how businesses operate across every sector of the economy," O'Leary remarked. He believes that once regulatory clarity arrives, one blockchain network could emerge as the preferred platform for multiple industries.

Legislative Path and Market Outlook

The CLARITY Act passed the Senate Banking Committee vote last month, marking a key milestone in establishing clear rules for the cryptocurrency industry in the U.S. The bill received bipartisan support and now heads to the Senate floor, where negotiators will work to merge the legislation with the Senate Agriculture Committee's version. After the Senate approves the bill, lawmakers must reconcile it with the House version before sending it to the President's desk. Polymarket bettors assign a 49% possibility that the bill becomes law this year.

Unlike January's collapse, most cryptocurrency firms, including Coinbase Global Inc., now broadly support the bill after a compromise on stablecoin yields was reached. At the time of writing, BTC was exchanging hands at $62,691.12, up 2% over the last 24 hours.

Bitcoin could eventually reach $1 million, but its path to a new all-time high may require a major catalyst that reinforces its role as decentralized financial infrastructure, according to a Morgan Stanley executive.

Speaking on the Coin Stories podcast, Amy Oldenburg, head of digital asset strategy at Morgan Stanley, said Bitcoin’s long-term adoption story remains in its early stages even as major financial institutions continue building products around the asset. The firm recently launched its Bitcoin exchange-traded product (MSBT), which she said had the best first-day ETF debut in Morgan Stanley’s history.

Morgan Stanley recommends Bitcoin allocations of 0%-2% in some portfolios and 2%-4% in more aggressive portfolios, but adoption among financial advisors remains slower than client interest, Oldenburg pointed out. She attributed the gap primarily to education, noting that many advisers are still trying to understand where Bitcoin fits in a diversified portfolio.

Why BTC Has Not Hit $200,000 Yet

Asked why Bitcoin has not reached $200,000 despite institutional participation, spot products and corporate accumulation, Oldenburg said no single factor is responsible. She pointed to competing narratives including commodities, AI, quantum computing fears and broader asset-allocation shifts. Investor attention has repeatedly moved toward other growth themes, making Bitcoin’s path less linear. Thus, a stronger catalyst may be needed to push Bitcoin toward its next major phase of adoption.

Rather than a sudden vertical move, Oldenburg expects Bitcoin adoption to continue grinding higher through 2030, with more investors entering the market as education improves and infrastructure matures.

Bitcoin Is Not The Same As Crypto

Oldenburg also warned against treating all crypto assets as identical. Bitcoin, Ethereum, Solana and XRP each serve different purposes and should not be lumped together simply because they fall under the broad digital asset category, according to Oldenburg.