The leading Canadian businessman and television personality Terence Thomas Kevin O’Leary, who earlier referred to Bitcoin as “worthless,” “digital game,” and “a useless currency,” has now changed his stance about Bitcoin. Kevin O’Leary, famously known as Mr. Wonderful, thinks that cryptocurrencies are here to stay. Kevin O’Leary shared his thoughts on cryptocurrencies in an interview with CNBC. He believes that crypto is here to stay. No less than two years back in 2019, Kevin O’Leary proclaimed Bitcoin as garbage and a giant nothing-burger. He now believes that Bitcoin is no longer a fad and funded 3% on his portfolio in it.
However, the volatility of Bitcoin is one of the prominent reasons behind giving investment a second thought. It seems that Kevin O’Leary is also bothered by the volatility of Bitcoin. Kevin O’Leary advocated that after evaluating about Bitcoin’s volatility, the main decision one has to make about what percentage they wants to invest. He further states that he would allocate the 5% portion of his portfolio.
Kevin O’Leary concerned about Bitcoin Regulations
Kevin O’Leary had always been concerned about regulations related to Bitcoin. In December, he cautioned that one would regret it after the regulators are aggressive on Bitcoin. He says that one would lose a lot of capital, and the experience will be brutal. Nevertheless, he stated that if a Bitcoin ETF is approved, he would be ready to invest 5% of his portfolio in it. Lately, Canada’s securities regulator approved two Bitcoin ETFs.
Moreover, the Bitcoin bull is one of the motivations behind the changing mindset of investors. Kevin O’Leary is not the only one who transformed his opinion on cryptocurrencies. Many others were against Bitcoin but realized its potential. Peter Schiff, one of the most vocal opponents of Bitcoin, revealed that he was wrong regarding Bitcoin not crossing $50,000. He states that the digital asset may lead to a price mark of $100,000 in the long run.
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