Key highlights:
- Kevin O’Leary was previously a Bitcoin critic, but has now changed his outlook
- Kevin says he will be allocating 3% of his portfolio to BTC
- O’Leary plans to invest in Bitcoin miners that are environmentally friendly
Famous American investor Kevin O’Leary was previously a critic of Bitcoin, but he has now changed his mind on the world’s most valuable cryptocurrency. A lot of people might know O’Leary by his “Mr. Wonderful” nickname and his prominent role in the investment TV show Shark Tank. O’Leary recently disclosed that he plans to allocate 3% of his investment portfolio to Bitcoin.
O’Leary’s net worth is more than $400 million, and is the chairman of O’Shares Investments, a company that manages ETFs (exchange-traded funds). He is the latest in a string of high-profile figures that have entered the crypto space. We see more and more people entering the industry every day, and it can be a good sign for the mass adoption of cryptocurrency and blockchain technology.
A complete change in attitude
In a tweet, O’Leary talked about different definitions and characteristics of Bitcoin in past years. He said that Bitcoin has been seen as different things, such as a property, currency or digital gold. O’Leary explained that he wants to dedicate 3% of his portfolio to the cryptocurrency, and plans to invest in Bitcoin miners that are environmentally friendly.
The mining process for coins like BTC is energy-consuming, and critics argue that it is damaging the environment unnecessarily. O’Leary says he’s planning to invest in cryptocurrency miners that can ensure their operations are environmentally sustainable.
O’Leary called Bitcoin garbage in 2019
O’Leary previously called BTC “garbage” and a currency without utility. His reason for these statements was the high volatility in BTC’s price. But right now, he thinks positively about Bitcoin’s volatility, and he wants to use this factor in his favor like the institutional investors have been doing. O’Leary appears to have totally changed his view towards Bitcoin, and it can be a positive sign for the crypto sector.
O’Leary is the second Shark Tank investor to enter crypto – Mark Cuban has been openly discussing cryptocurrency, and he seems to be especially interested in DeFi (decentralized finance).
Crypto is an ever-flourishing technology, and the presence of high-profile people like O’Leary and others may promise mass adoption shortly.
