Shark Tank star Kevin Oâ€™Leary, aka Mr. Wonderful, has begun investing in bitcoin. Having previously called the cryptocurrency â€œgarbage,â€ he has now changed his mind and believes that cryptocurrencies are here to stay. He is also getting used to the volatility of bitcoin and believes that institutional investors are willing to hold through price fluctuations.
Kevin Oâ€™Leary Now a Bitcoin Believer
Canadian investor and television personality Kevin Oâ€™Leary has changed his mind about bitcoin. He previously called the cryptocurrency â€œgarbageâ€ and a â€œgiant nothing burger,â€ but now he has invested in bitcoin and thinks that it is no longer a fad.
â€œI actually think that digital currencies are here to stay,â€ he said in an interview with CNBC last week. â€œMost people that are willing to hold them, including institutions over the last 90 days, are willing to deal with the volatility.â€ Oâ€™Leary elaborated:
â€œAnd, finally, Iâ€™m starting to think about how do I invest in the infrastructure of mining bitcoin,â€ Mr. Wonderful added.
Commenting on bitcoinâ€™s volatility, Oâ€™Leary shared: â€œGiven the volatility of cryptocurrencies, the main decision you have to make after you decide to participate in the first place is what % of your portfolio do you allocate. For me, 5% is the maximum.â€
Morgan Creek Digital partner Anthony Pompliano, who had been trying to convince Oâ€™Leary to invest in BTC for years, responded to the Shark Tank starâ€™s 5% allocation statement. â€œYou forbid me to have 50% and you called it all â€˜garbage,â€™ but now you think 5% is acceptable. Eventually, you will be 50% yourself.â€
Oâ€™Leary replied, â€œCorrect, I change when facts change.â€ He emphasized:
Oâ€™Leary had always been worried about regulators coming down hard on bitcoin. In December, he warned that â€œGrown men are going to weep when that happens. You will never see a loss of capital like that ever in your life. It will be brutal.â€ Nonetheless, he said that if a bitcoin ETF is approved, he would be willing to put 5% of his portfolio in it. Recently, Canadaâ€™s securities regulator approved two bitcoin ETFs.
Do you think Kevin Oâ€™Leary will keep putting more money in bitcoin? Let us know in the comments section below.
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