The famous investor known as “Mr. Wonderful,” Kevin O'Leary, revealed that he invested 3% of his estimated capital of around $400 million in Bitcoin, because now he believes that this cryptocurrency is here to stay.
Kevin O'Leary, famous in the world of finance and investments, and recognized for his direct and aggressive approach on the Shark Tank program, where he is known as “Mr. Wonderful”, has been one of the most staunch detractors of Bitcoin (BTC) in recent years. O'Leary has called the cryptocurrency, on several occasions, a “bubble” that was soon to burst and a useless asset in the market. However, this investor's view towards Bitcoin changed drastically, because he has now declared that he has 3% of his capital invested in Bitcoin, and in other cryptocurrencies such as Ethereum (ETH).
O'Leary revealed his newfound enthusiasm for Bitcoin during an interview on CNBC, where he stated that he is starting to invest his capital in bitcoins, and that he plans to increase this investment from 3% to 5% of his capital. The investor now believes that Bitcoin is here to stay.
O'Leary's revelation is causing a stir in the crypto community, which is celebrating the arrival in the digital ecosystem of one of the investors who had been most critical and harsh in relation to Bitcoin and cryptocurrencies.
Antony Pompliano, one of the most well-known Bitcoin speakers in the world and co-founder of Morgan Creek Digital Assets, was quick to comment on O'Leary's actions, pointing out that for the moment the investor is talking about 5% of his capital, but that soon he will invest 50% in Bitcoin, when he discovers all the power that this cryptocurrency holds.
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From “junk” to a powerful investment asset
In his appearance on CNBC, O'Leary was very excited about his recent investment in Bitcoin, although he confessed that volatility is the factor that worries him the most and “makes him sick.” Still, the investor also said that he is already used to it and has no intention of regretting his wise and correct decision. What's more, the well-known “Mr. Wonderful” is also considering investing in Bitcoin mining, as a way to obtain more of this cryptocurrency.
In the past, Kevin O'Leary had called Bitcoin “garbage,” noting that the cryptocurrency looked a lot like a “giant hamburger with nothing on it,” and that in his view it was like a useless digital game that served no purpose. These strong statements were made performed the investor during a show on CNBC in 2019, when Bitcoin was worth around $8.000 USD per unit.
Crypto-regulatory landscape favors investment
The main factor that influenced O'Leary's change of view towards Bitcoin and cryptocurrencies is the regulatory environment that exists and is being created around digital assets in many countries around the world. According to his statementsThe 180-degree turn of countries like Canada and Switzerland is what has made him change his mind about cryptoassets, which now seem much more attractive as an investment.
“Canada, Switzerland and many other regulators have done a 180 on BTC. This is a game changer for many investors, including myself.”
O'Leary joins several Shark Tank investors who have changed their stance on cryptocurrencies in recent months. Take billionaire Mark Cuban, aka a crypto naysayer who has called Bitcoin a “bubble.” While Cuban says he doesn't own any bitcoins, he did confess that he has already invested in some Dogecoin (DOGE) for his son.
O'Leary's arrival in Bitcoin comes as Bitcoin makes a grand entrance into Stone Ridge as part of its future investment strategies. Also, large institutional Bitcoin investors Square and MicroStrategy are increasing their holdings in the cryptocurrency.
Continue reading: Investment giants support MIT initiative for a stronger and more robust Bitcoin
