Shark tank star Kevin O’Leary, also known as Mr. Wonderful, is ready to put 5% of his investment portfolio in a Bitcoin Exchange-Traded Fund (ETF) approved by the US Securities and Exchange Commission (SEC). Long known as Bitcoin Skeptic, O’Leary is concerned about Bitcoin’s volatility and regulators want to be comfortable with it before it jumps in.
Kevin O’Leary wants to invest in Bitcoin ETFs
Canadian investor and television personality Kevin O’Leary discussed his views on Bitcoin in a podcast hosted by Morton Creek digital partner Anthony Pompliano last week.
O’Leary Bitcoin has been skeptical. He told CNBC in May last year that Bitcoin was “useless” and “a useless currency,” and told him, “This is rubbish because you can’t get into it in large numbers.”
While he still has similar concerns, Shark Tank Tara said he is not against Bitcoin. “I have a small amount of bitcoin,” he said, adding that he bought BTC because a class at Harvard University challenged him to get involved in cryptocurrency.
However, it is concerned about the volatility of Bitcoin and the adverse response from regulators about it. “Every time I talk to regulators off the record, because I talk to them all the time for a variety of reasons, it’s a little squishy on Bitcoin, they’re not there yet.” He warned.
O’Leary added, “While I can regularize this thing so I can put millions of dollars into it and know I’m not on the sidelines anyway. I’m not breaking anything … and it will be stable,” he assured:
If that was the case, if we woke up tomorrow morning and the SEC said you can make ETFs from Bitcoin and we think Bitcoin is legal, you know, the payment system and the accumulation of wealth, it will not only increase but you like me in ‘D A lot of people invest in it.
He said in detail that if that happens, “I’ll say okay, I’ll give it 5% weight so you know I don’t really want a significant portion of my portfolio to have that much volatility.” He said that he prefers to invest in ETFs and many of his investments are in ETFs.
As an investor who believes in diversity, O’Leary reiterated that it bothers him “a little” that “in a crypto space you have to be very focused to get this return in a cryptocurrency, Bitcoin.”
Do you agree with O’Leary? Let us know in the comments section below.
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