Kevin O’Leary, the Shark Tank fame Candian businessman has turned into a big-time Bitcoin proponent over the past year. Despite his early reservations, O’Leary seems to be quite in awe of the new emerging asset class. During a recent interview with the Bitcoin Magazine podcast, he said there is no way governments can ban it. He explained that Bitcoin adoption is too widespread for a few governments to impose a ban. He said,
“I don’t see a situation where it’s going to be made illegal anywhere, and the thesis is the genies out of the bottle. Bitcoin is distributed all around the world and used as property, and currency, in every country on Earth. And so, I don’t see, even if one country says they’re going to make it illegal, how they’re exactly going to do that”
Talking about the recent price volatility and depleting market value, O’Leary said Bitcoin is a volatile asset and there is no denial to that but we are at a tipping point. He also said that he has no intention of selling his holdings or even trading them, rather he will hold it for years to come and believe its price would eventually overtake S&P 500 index.
O’Leary Plans to Increase his Bitcoin Allocation to 5%
Bitcoin price has depreciated 50% from its April ATH above $64,000, but that has not deterred the Shark Tank investor from increasing his portfolio allocation in BTC. O’Leary revealed that he is planning to increase his Bitcoin allocation to 5% from 3%. He said,
“The world is going to move towards digital currency. Bitcoin was the beginning of that, it is the granddaddy of it all, which is why it’s so desirable.”
O’Leary also said that over time more institutions would come to bitcoin as regulations and FUDs clear.
Bitcoin price fell below the critical support level of $30K this Tuesday but bounced right back the very next day. BTC is currently trading at $33,339 with its eyes set on a $35k price target in the short term.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.