Many know Kevin O’Leary for his seemingly shrewd business practices and sharp judgment, a reason many wanted to convert the naysayer to a Bitcoin believer.
For years, O’Leary, the billionaire businessman and famous television personality, spoke negatively about Bitcoin and its place as a store and transfer of value.
But recently, after speaking with Morgan Creek Digital Assets co-founder, Anthony ‘Pomp’ Pompliano, O’Leary seems to have changed his mind.
The Podcast That Changed Everything
Kevin O’Leary once told CNBC that he viewed bitcoin as worthless. But the tables have turned thanks to a stream of institutional investment and the opportunity to learn from foremost experts.
While speaking with Pompliano on his podcast, O’Leary outlined that Bitcoin’s major problem has nothing to do with its fundamentals, but rather its current regulatory status with the SEC. He expressed concern over how regulators would decide to treat Bitcoin in the future.
When asked about Bitcoin, O’Leary stated:
“When I can get this thing regulated so that I can put millions of dollars into it and know that I’m not off the side in any way.”
“I’m not breaching anything … and it would be stable,” he continued. The Shark Tank mainstay went on to say:
“If that was the case, if tomorrow morning we woke up and the SEC said you can create an ETF with bitcoin and we think bitcoin is legitimate, you know, payment system and store of wealth, not only would it go up but you’d have a lot of people like me investing in it.”
A Bitcoin Change of Heart
Kevin O’Leary is not the only mainstream and influential investor to change his tune on Bitcoin. Many have come out as Bitcoin supporters this year, most notably, one of the crypto communities’ new darlings, Michael Saylor.
Although still somewhat skeptical, Mr. O’Leary explained to Pomp that he was finally ready to allocate some of his capital:
“I’d say okay I’m going to give it a 5% weighting so you know I don’t really want a significant portion of my portfolio having that amount of volatility.”
O’Leary prefers to invest in ETFs, where many of his investments reportedly lie.