Shark Tank star Kevin Oâ€™Leary, also known as Mr. Wonderful, is ready to put 5% of his investment portfolio in a bitcoin exchange-traded fund (ETF) that is approved by the U.S. Securities and Exchange Commission (SEC). Long known as a bitcoin skeptic, Oâ€™Leary is worried about bitcoinâ€™s volatility and wants regulators to be comfortable with it before he jumps in.
Kevin Oâ€™Leary Wants to Invest in Bitcoin ETF
Canadian investor and television personality Kevin Oâ€™Leary discussed his view on bitcoin last week in a podcast hosted by Morgan Creek Digital partner Anthony Pompliano.
Oâ€™Leary has been a bitcoin skeptic. He told CNBC in May last year that bitcoin was â€œworthlessâ€ and â€œa useless currency,â€ stating that to him, â€œitâ€™s garbage because you canâ€™t get in and out of it in large amounts.â€
While he still has the same concerns, the Shark Tank star said that he is not against bitcoin. â€œI do own a small amount of bitcoin,â€ he said, adding that he bought the BTC because a class he taught at Harvard University challenged him to get involved in cryptocurrency.
However, he is worried about bitcoinâ€™s volatility and the regulatorsâ€™ adverse response to it. â€œEvery time I talk off the record to the regulators, because I talk to them all the time for various reasons, theyâ€™re a little squeamish on bitcoin, they are not quite there yet,â€ he cautioned.
Oâ€™Leary added, â€œWhen I can get this thing regulated so that I can put millions of dollars into it and know that Iâ€™m not off the side in any way. Iâ€™m not breaching anything â€¦ and it would be stable,â€ he affirmed:
He elaborated that if that happens, â€œIâ€™d say okay Iâ€™m going to give it a 5% weighting so you know I donâ€™t really want a significant portion of my portfolio having that amount of volatility.â€ He said he prefers to invest in an ETF and many of his investments are in ETFs.
As an investor who believes in diversification, Oâ€™Leary reiterated that it bothers him â€œa little bitâ€ that â€œin the crypto space you have to be very concentrated to get these returns in one cryptocurrency, bitcoin.â€
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