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October 2, 2022
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Bitcoin

Shark Tank star who called Bitcoin “junk” in 2019, now investing in BTC

Kevin O’Leary, also known as Mr. Wonderful, admitted to buying bitcoin.

During an interview with CNBC last week, the star of the Shark Tank, president of O’Shares ETFs & Beanstox and a contributor to CNBC said:

“I am fascinated. I’m investing. I have a 3% weighting between ethereum and bitcoin. Volatility makes me sick, but I’m getting used to it ”.

O’Leary was very skeptical about bitcoin in the past, but apparently changed his mind.

In fact, he also said that he believes digital currencies are here to stay, and that most of their owners are willing to keep them in the medium and long term, including institutional investors who bought them in the past 90 days, to the point. they are willing to deal with volatility.

Kevin O’Leary changed his mind about Bitcoin

Until a few months ago, O’Leary called cryptocurrencies “rubbish” or a “giant hamburger for nothing”, but now he doesn’t think so.

In fact, he went on to say:

“I’m starting to think about how to invest in bitcoin mining infrastructure.”

Regarding volatility, he said that he considers the decision on the percentage of the portfolio to be allocated crucial and that he considers that 5% should be the maximum.

Anthony Pompliano, who has been trying to convince O’Leary to invest in BTC for years, responded to O’Leary’s words by saying that he believes O’Leary will likely decide to increase the percentage of BTC in his portfolio, perhaps even to 50%.

O’Leary did not deny this and, in fact, responded by saying that if the scenario changed, he would also be ready to do so.

It is possible that the recovery also depends on the likelihood that the SEC will finally approve a bitcoin ETF. In fact, that probability now seems much less remote than in the past, and O’Leary himself had previously stated that if a bitcoin ETF were approved, he would be willing to invest 5% of his portfolio in it.

In other words, he has already demonstrated with facts that he is prepared to change his mind if the conditions and landscape of the ecosystem that revolves around Bitcoin changes.

Source: cryptonomist

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