Posted 5 months ago | by @devadmin
Shark Tank’s Kevin O’Leary, also known as Mr. Wonderful, seems to have reversed his opinion on Bitcoin and has begun investing in the digital asset. Leary previously called the cryptocurrency “garbage” and has since changed his view, stating he believes that cryptocurrencies are here to stay. He is also added that he is getting used to the volatility of Bitcoin and believes that institutional investors are willing to hold through price fluctuations.
Given the volatility of #cryptocurrencies the main decision you have make after you decide to participate in the first place is what % of your portfolio do you allocate. For me 5% is the maximum! https://t.co/7QXIxXpugc
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) February 23, 2021
In the past, Leary has referred to Bitcoin as a “digital game,” “worthless,” and “a useless currency.” However, Leary has now said he changed his mind about Bitcoin and thinks it is no longer a fad.
“I actually think that digital currencies are here to stay,” Leary said in an interview with CNBC last week. “Most people that are willing to hold them, including institutions over the last 90 days, are willing to deal with the volatility.” O’Leary further expressed:
“I am fascinated. I’m investing. I’m holding a 3% weighting in it between ethereum and bitcoin. The volatility sickens me but I’m getting used to it.”
“And, finally, I’m starting to think about how do I invest in the infrastructure of mining bitcoin,” Mr. Wonderful added.
Additionally, commenting on Bitcoin’s volatility, O’Leary stated: “Given 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.”
Bitcoin.com reported that Morgan Creek Digital partner Anthony Pompliano, who has been trying to convince O’Leary to invest in BTC for years, responded to the Shark Tank star’s 5% allocation statement. “You forbid me to have 50%, and you called it all ‘garbage,’ but now you think 5% is acceptable. Eventually, you will be 50% yourself.”
O’Leary replied, “Correct, I change when facts change.” He added:
“Canadian, Swiss and many other regulators have done a 180% on BTC. This is a game changer for many investors including me.”
Bitcoin is currently trading at [FIAT: $47,213.98] UP +5.0% in the last 24 hours, according to Coingecko at the time of this report.