According to Kevin O’Leary, bitcoin has established itself as a store of value, and as such, its value will never go to zero.
Kevin O’Leary, a Canadian businessman, and well-known television personality stated that bitcoin’s value would never reach zero. According to him, Bitcoin, like gold, is a store of value. As such, O’Leary has allocated 5% of his portfolio to it and 5% to gold.
Kevin O’Leary, the renowned investor, and presenter of the television program Shark Tank has reaffirmed his support for bitcoin in a recent interview with Kitco News. He projected that BTC will “never reach zero” as a result of its emergence as a store of wealth. O’Leary compared bitcoin to gold, stating that he had invested the same amount of money in both assets:
“Bitcoin will never reach zero. This is a subjective view. There are enough individuals, myself included, who see it as a store of worth. It has a 5% weighting in my portfolio, similar to gold.”
Apart from bitcoin, the Canadians is interested in a variety of other cryptocurrencies. He announced last month that his exposure to cryptocurrency accounts for 20% of his overall worth. Among the other digital currencies, he owns are Ethereum (ETH), Solana (SOL), and Avalanche (AVAX):
“You must be diverse. I am the winner of 32 distinct positions, including equity and FTX. You have no idea who will win: will Ethereum, Solana, or Avalanche? I am the only owner of them.”
Mr. Wonderful (as he is known) thinks that cryptocurrency usage in the United States will really take off if policymakers implement thorough regulations. This will first increase bitcoin, and subsequently, other cryptocurrencies will follow suit:
“What we actually need is for US authorities to establish rules, at which point allocations, mostly in bitcoin, will begin.”
O’Leary also mentioned stablecoins. He believes that the American government should embrace these assets in order to safeguard the US dollar’s status as the world’s reserve currency.
Despite his previous mistrust of cryptocurrency, the Canadian is now one of the most vocal proponents of digital currency. Earlier this year, he said that possessing exposure to the leading cryptocurrency is analogous to owning stock in Microsoft and Yahoo.
Additionally, he predicted that bitcoin’s worth in US dollars may reach $300,000 by 2025. The price explosion will occur after proper regulation is in place, allowing multiple institutions to join the ecosystem:
“And I want to take a long position in bitcoin when that occurs. Bitcoin might reach $300,000 once institutions are able to purchase it.”