Kevin O’Leary, a Canadian businessman and television host, has changed his mind on bitcoin. He formerly referred to bitcoin as “garbage” and a “giant nothing burger,” but he has now invested in it and claims it is no longer a fad.
In a recent interview with CNBC, he said,“I actually think that digital currencies are here to stay,” “Most people that are willing to hold them, including institutions over the last 90 days, are willing to deal with the volatility.” O’Leary went on to explain:
“I am fascinated. I’m investing. I’m holding a 3% weighting in it between ethereum and bitcoin. The volatility sickens me but I’m getting used to it.”
“And, finally, I’m starting to think about how do I invest in the infrastructure of mining bitcoin,” Mr. Wonderful added.
Commenting on Bitcoin’s volatility, O’Leary shared: “Given the volatility of cryptocurrencies, the main decision you have to make after you decide to participate in the first place is what % of your portfolio do you allocate. For me, 5% is the maximum.”
According to news.bitcoin.com, Morgan Creek Digital associate, Anthony Pompliano replied to O’Leary’s 5 percent allocation comment, which he had been attempting to encourage him to invest in BTC for years.
O’Leary replied, “Correct, I change when facts change.” He emphasized: Canadian, Swiss and many other regulators have done a 180% on BTC. This is a game-changer for many investors including me.