The sudden curiosity from institutional investors eventually seeing the cryptocurrency as a store of wealth and a way to protect against inflation was the biggest narrative behind Bitcoin’s bull run in 2020. However, these uses are still growing. But the potential of the asset implies that it will either lead to a total loss or to a complete collapse of the existing financial system.
Shark Tank star Kevin O’Leary had started to warm up to the top crypto when he joined Bitcoin mouthpiece Anthony Pompliano on his podcast weeks ago. He states that he has long been a “Cryptonian” since 2017.
At the time, he purchased for “fun” a selection of Bitcoin, Ethereum, XRP, and other coins available at the time. He invested just $100, which is now worth around half of what he originally put in. He admits that Bitcoin can be different, but that the cryptocurrency is “insignificant” to the larger financial market and the institutional market.
He warns that institutions won’t want to be caught with their pants down due to future regulation, or worse yet, more and more funds are pouring in and the “mother of all” class action lawsuits will result when the government eventually pulls the rug.He’s “out” on Bitcoin for those reasons. O’Leary is not the only investor in Shark Tank to be suspicious of cryptocurrency. He’d like to own bananas over Bitcoin, Mark Cuban says.