Investor and TV personality Kevin O’Leary is revealing that he has warmed up to Bitcoin and now holds 3% of his portfolio in BTC and ETH, the two largest crypto assets by market cap.
In a CNBC interview, the Shark Tank panelist discloses that he has grown “fascinated” by cryptocurrencies.
He predicts that “digital currencies are here to stay” and is considering going beyond just buying crypto-assets and holding them.
“I have started to think about how do I invest in the infrastructure of mining Bitcoin.”
The Shark Tank star confesses that the volatility of cryptocurrencies remains a problem but is hopeful that institutional investors have the stomach for wild swings.
“The volatility sickens me, but I’m getting used to it… Most people that are willing to hold them, including institutions over the last 90 days, are willing to deal with the volatility.”
In a subsequent tweet, O’Leary suggested that the best way to handle the madness of crypto volatility is to limit exposure.
“Given the volatility of #cryptocurrencies the main decision you have [to] make after you decide to participate in the first place is what % of your portfolio do you allocate. For me 5% is the maximum!”
O’Leary’s turnaround on cryptocurrencies has happened in a matter of months. In late December, he described Bitcoin as an “irrelevant nothingburger”.
Last month however, the Shark Tank star indicated that the changing regulatory tide toward Bitcoin and the crypto space was a “game-changer” for him and other investors.
“#Canadian #Swiss and many other regulators have done a 180% on $BTC This is a game changer for many investors including me.”
Last month, Canada’s Ontario Securities Commission approved a Bitcoin exchange-traded fund (ETF). In Switzerland, a law allowing the tokenization of securities while giving them legal protections that are similar to traditional assets went into effect on February 1st.
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Featured Image: Shutterstock/Steve Mann