Shark Tank Investor Kevin O’Leary Changes Tune, Plans to Add Bitcoin to Portfolio

Shark Tank Investor Kevin O’Leary Changes Tune, Plans to Add Bitcoin to Portfolio

In a year that has seen the most cynical critic becoming a crypto faithful, crypto continues to boom, with traditional institutions and high-net-worth individuals wanting a piece of the crypto pie.

Popular TV personality Kevin O’Leary, known to Shark Tank fans as “Mr. Wonderful,” has decided to leave the critics’ boat behind and join the Bitcoin train.

Kevin Makes A “Wonderful” Move To Crypto Club

The Canadian investor who is infamously remembered for calling Bitcoin “garbage” two years ago has finally made a 180 on BTC. Volatility was the primary reason O’Leary and Mark Cuban were quick to write-off the digital asset. Calling into question the sustainability of an asset that could easily fall as much as 30% in one week.

At one point, Cuban said he preferred owning bananas to Bitcoin. But still, he made sure his basketball company, the Mavericks, offered BTC payment options for fans. O’Leary plans to allocate 3% of his investment portfolio to the highly volatile assets class.

The covid-19 pandemic brought the world to its knees. It also brought investors into cryptocurrencies. Notable tech companies like Square, MicroStrategy, and Tesla Inc. have made a dynamic tweak to their investment practice which has seen Bitcoin featuring heavily.

MicroStrategy has built a name for itself with its pivot into Bitcoin. The publicly-traded company has been on a buying spree. It owns a reported 90,859 BTC worth $4.3 billion.

Tesla has been more conservative and invested only 7.7% of its cash reserves in BTC, costing it $1.5 billion. Square, owned by Twitter CEO Jack Dorsey, has been a more quiet BTC buyer even as it boasts over $300 million locked in the largest crypto by market cap.

Institutional adoptions have seen many critics rethinking their decision, and Kevin O’Leary is the latest addition to the BTC family. In a tweet posted on his verified Twitter profile, the Shark Tank colleague of Cuban said the rapidly changing regulatory environment played a role in his decision. Mr. Wonderful, as he is fondly known on TV, had previously said he owned only $100 in crypto so far. But his 3% allocation will definitely increase his exposure to crypto-assets.

Cuban In A Crypto Love Affair

Making an official announcement on his shift towards crypto on a Feb.22 CNBC’s show hosted by Hadley Gamble, O’Leary said that digital currencies have come to stay. He also added that he would stake 3% of his investment portfolio on the foremost cryptocurrencies, Bitcoin and Ethereum.

While O’Leary has committed to a future partnership in crypto, Cuban has been quite active in the space. He once admitted to being intrigued by meme-based cryptocurrency Dogecoin (DOGE). Stating that his 11-year old son was also a crypto investor, the billionaire investor said that many things have changed since crypto began to have more real-world use cases.

Following this DOGE love, Cuban admitted that he is most fascinated by Ethereum’s smart contract functionality. To him, the second most valuable crypto-asset is set to disrupt the business models of most tech companies. While he still considers Bitcoin to be more valuable than gold due to its metered units, he has his attention riveted on Ethereum.

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Author: Jimmy Aki

Indian Think Tank Founder Says Bitcoin Should Not Be Legalized As A Private Currency

Indian entrepreneur and founder of BEGIN Think Tank, Deepak Kapoor, calls on the countries’ financial authorities and government to implement regulations on the cryptocurrency space in a bid to prevent the illicit use of the “innovative technology.”

Speaking to BusinessWorld on Monday, in a panel shared by Ratan Sharda, noted Author, Editor, and TV Panelist, Kapoor further said cryptocurrencies should be treated in a similar bracket to company securities or stocks.

India’s total ban on cryptocurrency, stipulated by the Reserve Bank of India, was quashed earlier this year as the Supreme Court ruled it unconstitutional. Ratan echoed the Supreme Court decision as final, stating the current bill in parliament looking to affect the total ban “will not work” in its current state.

“Just like you cannot ban porn, you cannot ban cryptocurrency.”

A better view would be to place controls on the market and ecosystem, the author stated.

Nonetheless, the privatization of Bitcoin (and similar cryptocurrencies) will not be accepted by governments any time soon, Kapoor shared. Controls will only effect a smooth transition into digital payments, but acceptance of private cryptocurrencies could generally collapse economies, he explained.

“Globally, everyone wants to make bitcoin into a private currency, which will not be allowed because it will lead to the collapse of the economies.”

Kapoor praised cryptocurrencies as a technology that cannot be hacked but warned legalizing Bitcoin and private currencies “might put the entire economy of the country at risk.”

How should the government control and regulate these new innovative digital assets?

According to the think tank CEO, Bitcoin should be treated similarly as stocks or company securities. He further stated,

“That is the only legal status that it can get, and it should get this status. This could be the most secure technology cryptographically that we have ever seen in our lifetimes.”

India’s monumental Supreme Court decision to destroy the blanket ban on crypto opened up the country to a new wave of interest in these digital assets. However, Kapoor believes the country should be doing more on the regulation side of things to curb cybercrime using Bitcoin and cryptocurrencies.

“We do not even have cryptocurrency crimes as a category of crimes registered in the country. Let us start acknowledging that first,” he said. “I would want senior people from investigative and law enforcement agencies to first at least know about it and to know what the world is moving towards.”

He called on the government to introduce a body specifically looking into virtual assets or give the Securities and Exchange Board of India (SEBI) the mandate over these assets.

India’s regulation on cryptocurrencies is still miles off peer countries. Since February’s ruling on the lift on the total crypto ban, the RBI has given contradictory statements on what is legal and what isn’t. In May, the central bank announced it had not prohibited any banking services from conducting business with crypto service providers despite reports it had done so.

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Author: Lujan Odera