Bitcoin is Never Going to Zero, Says Shark Tank’s Kevin O’Leary

The Canadian businessman and a renowned TV personality – Kevin O’Leary – predicted that bitcoin’s valuation will never go to zero. According to him, the cryptocurrency is a store of value, just like gold. As such, O’Leary has allocated 5% of his portfolio to it and 5% to the precious metal.

Enough People See BTC as a Store of Value

In a recent interview for Kitco News, the famed investor and host of the TV show Shark Tank – Kevin O’Leary – doubled down on his bitcoin support. He predicted that BTC “is never going to zero” because it has emerged as a store of value. O’Leary compared the leading cryptocurrency to gold, admitting he had distributed the same amount of his wealth to both assets:

“Bitcoin is never going to zero. This is a personal opinion. There are enough people around the world that see it as a store of value, me included. It is a 5% weighting in my portfolio, just like gold is.”

Apart from bitcoin, the Canadian is also keen on other digital assets. Last month, he revealed that his exposure to crypto equals 20% of his total wealth. Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) are some of the other digital currencies he holds:

“You have to be diversified. I won 32 different positions, including equity and FTX itself. You don’t know who’s going to win: is Ethereum going to win, is Solana, is Avalanche? I own them all.”

Mr. Wonderful (as his nickname is) believes that crypto adoption in the US will truly take off once regulators apply comprehensive rules in the industry. At first, this will boost bitcoin, and then the altcoins will follow suit:

“What we really need is for US regulators to make policy, and then allocations will start, primarily in bitcoin.”

O’Leary touched upon stablecoins, too. He thinks the American authorities should open their arms to these assets to preserve the US dollar as the world’s reserve currency.

Kevin O’Leary, Source: CNBC

Investing in BTC is Like Investing in Microsoft

Despite his crypto skepticism in the past, the Canadian currently stands as one of the strongest bitcoin advocates. Earlier this year, he opined that having exposure to the primary cryptocurrency is like holding positions in giant corporations such as Microsoft and Yahoo.

In addition, he forecasted that bitcoin’s USD value could tap $300,000 by 2025. The price surge will happen once there’s sufficient regulation, which will enable numerous institutions to enter the ecosystem:

“And I want to go long on bitcoin when it happens. Bitcoin could go to $300,000 when institutions can finally buy it.”

Featured Image Courtesy of Toronto Star

Read More?

Post is imported from RSS feed, by one of our guest editors. G6 does not edit or moderate the content. G6 is not responsible for your actions. No rights owned by G6. To remove the post, please email us at [email protected]

No Comments

Sorry, the comment form is closed at this time.