Uncategorized

Celebrity Investor Says Institutional Investors See Bitcoin as Digital ‘Property’

Celebrity investor Kevin O’Leary (aka “Mr. Wonderful” on ABC TV series “Shark Tank“) said recently that institutions are beginning to view Bitcoin and other cryptoassets as digital “property.”

During an interview for episode #25 of The Best Business Show, O’Leary told Anthony “Pomp” Pompliano that institutions are beginning to treat Bitcoin like real estate rather than as a tradeable currency or asset. 

As reported by The Daily Hodl, O’Leary said:

When I talk to institutions, there’s a change in philosophy about their thinking, let’s just say with Bitcoin. Bitcoin used to be considered for many institutions that hadn’t owned it yet – the ones that were just looking at it as a currency – they’re not thinking that way anymore. They’re looking at it as a property. 

The Shark Tank star went on to compare purchasing Bitcoin to obtaining a lucrative piece of real estate in New York City. He said institutions were buying BTC to hold on their balance sheets as an asset, rather than trading it. 

O’Leary also admitted that few analysts could properly predict the future of Bitcoin’s price, saying they had “no idea” where the ceiling would be. The veteran investor said Bitcoin’s price could “go anywhere,” particularly with the influence of institutions. 

O’Leary also commented on his personal crypto portfolio, mentioning that he had positions in Litecoin and Ethereum in addition to Bitcoin: 

Bitcoin is still the big daddy. Right now, I’ve only got three positions on, by the end of next month there’ll be almost 15. I won’t disclose what those are, but right now, it’s primarily Ether (ETH), a little Litecoin (LTC), Bitcoin (BTC), and a ton of USDC.

O’Leary had previously predicted Bitcoin’s large-scale investment would halt until the technology could figure out a more sustainable balance of environmental and social influence. The Shark Tank star has been critical of Bitcoin mining in China, noting the negative impact on the environment and massive electricity consumption. 

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.