TV celebrity Kevin O’Leary has done a complete about turn and admitted that he now has a 3% portfolio exposure to Bitcoin (BTC) and Ethereum (ETH).
The Shark Tank star has always been critical of Bitcoin, and previously labelled it a ‘garbage,’ ‘useless,’ and in January said it was ‘a giant nothing burger’.
Mr Wonderful has now decided Bitcoin is here to stay, however, and that it should be part of an investment portfolio.
In an interview on CNBC, O’Leary shared his thoughts on Bitcoin and the digital asset space, saying he believes ‘they’re here to stay’ and admitted to being ‘fascinated’ by them even though the volatility sickens him.
‘I actually think that digital currencies are here to stay. Most people that are willing to hold them, including institutions over the last 90 days, are willing to deal with the volatility.’
‘I am fascinated. I’m investing,’ admitted the Shark Tank star. ‘I’m holding a 3% weighting in it between Ethereum and Bitcoin. The volatility sickens me but I’m getting used to it.’
It’s quite a turnaround for Kevin O’Leary who has regularly criticised Bitcoin. The Shark Tank star appeared to take solace from institutional investors riding the volatility, and admitted he might up his allocation to 5%.
‘Given the volatility of cryptocurrencies, the main decision you have to make after you decide to participate in the first place is what percentage of your portfolio do you allocate. For me, 5% is the maximum.’
Did Pomp Convince Mr Wonderful To Invest In Bitcoin?
Anthony Pompliano, colloquially known as Pomp, is a leading figure in the Bitcoin space, and he interviewed O’Leary back in December on his Pomp podcast.
Pomp, a well-known Bitcoin bull who has regularly shared his Bitcoin price predictions, has often tried to convince O’Leary about Bitcoin seemed to make headway during the conversation.
In the interview, the Shark Tank star told Pomp that Bitcoin was too volatile and illiquid for his portfolio, and with lack of clear regulation from the SEC, it was putting him and many other investors off.
But there were signs in the interview that O’Leary was turning, however. The Canadian investor hinted that any SEC approval for a Bitcoin ETF and clarity over its status would encourage him to invest 5%.
‘If tomorrow morning we woke up and the SEC said you can create an ETF with Bitcoin and we think Bitcoin is legitimate payment system and storage of wealth, not only would it go up, you’d have a lot of people like me investing in it, because I’d say ok, I’ll give it a 5% weighting,” added the Shark Tank star, who may have been swayed by Canada’s decision to launch two Bitcoin ETFs.
When the video revealing Kevin O’Leary’s about turn was broadcast on Twitter, Pomp quickly responded, saying.
‘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.’
Since then, O’Leary later hinted that Swiss and Canadian regulatory about turns had convinced him Bitcoin was a worthy investment, and admitted to it being ‘a game changer’ for many investors like himself.
Kevin O’Leary The Latest Of Many
Kevin O’Leary’s decision to go back on all his criticism, of Bitcoin and finally invest in it, isn’t really shocking. He was never as critical as Dr Doom or Peter Schiff, but it’s still a significant reversal.
He has regularly criticised Bitcoin, calling it ‘garbage’, ‘a nothing burger’ in the past, and even said ‘grown men are going to weep when’ regulators came down hard on Bitcoin.
But now, with what he says is regulatory clearance from Canada and Switzerland, it’s enough for him to change his opinion.
Kevin O’Leary is the latest big name to change his opinion on Bitcoin, but he’s just the latest of many, and we should expect many more over the coming months and years.
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.
