Institutional investors gearing up for Bitcoin and other digital assets has been one of the highlights of the crypto industry this year. Former critic Kevin O’Leary is one of them, and the Canadian businessman finally revealed his crypto investments recently.
In fact, O’Leary has been a fan of Bitcoin and Ethereum, in particular, as well as other cryptocurrencies as investment vehicles. During a recent podcast with Anthony Pompliano, O’Leary discussed what led him to finally adopt this novel asset class.
Looking away from the price
According to him, positive regulatory changes around the world led him to take this step, especially as his experience prevents him from partnering with industries that regulators disapprove of. The adoption of cryptocurrencies as an asset class by these agencies allowed him to reveal his own interest in the space. The businessman added:
“This is an asset class that is here to stay. It’s still going through a very nascent phase, I’ll put a lot more into it as time changes. “
O’Leary’s crypto journey has been nothing short of fun. While he once believed that cryptocurrencies were “junk”, he later announced that he had allocated 3% of his portfolio to Bitcoin and Ethereum.
However, more recent interviews have seen it lean towards Ethereum over Bitcoin. Comparing to Bitcoin’s “solid money” rhetoric due to its limited supply, the investor recently hailed ETH as “ultrasound money.”
Going beyond Bitcoin, Ethereum?
However, what about O’Leary’s current crypto allowance? While the Shark Tank star did not go into detail, he did mention that soon, his total allocation would amount to 7%. On the subject of planning to diversify into other currencies, he said:
“I have gone beyond Ethereum and Bitcoin. I have a pretty big position in USDC right now, I’m moving onto some other assets that I’m trading right now. “
Could ESG concerns get in the way of such an assignment? According to O’Leary, he is looking in West Texas to mint his Bitcoins following reports of using wind and torch gas for mining.
“I’m using that to increase my allocation, but I think by the end of the year all crypto assets will weigh seven percent and could go as high as 20 if I wanted to, but I’m only taking it one step at a time.”
The Canadian executive concluded the podcast by suggesting:
“I am going to have to have a compatible institutional platform and the industry is not there yet. There is a lot of work to be done on that front and the further we move towards that, the more capitalism will come. “
This is a machine translation of our English version.
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