One of the most famous investors in traditional markets and once an opponent of cryptocurrencies. Today he plans to increase his investment portfolio based on blockchain projects. Kevin O’Leary sees growing potential, but also has some objections.
As O’Leary announced, he plans to increase the wealth of his investment portfolio in crypto assets before the end of 2021, from 3% currently held to as much as 7%. He predicts that trillions of dollars could flow into the market once cryptocurrencies in the United States are officially recognized as a new asset class. This is expected to happen when Bitcoin-based exchange-traded funds are finally approved, and when regulators allow financial services firms to treat cryptocurrencies on par with other assets they hold.
As he points out, he is also concerned about the lack of regulation. He himself says that he “doesn’t want to get involved in cryptocurrencies if the regulators say it’s not right, because they can’t afford not to comply with regulations.”
Who is Kevin O’Leary
Kevin O’Leary is a Canadian businessman, politician and television personality. He was born on July 9, 1954. He is known for his television shows such as Dragons Den and Shark Tank. He is also the co-founder of SoftKey Software Products, a technology company that develops software for entertainment and education. In 1999, he sold his company to Mattel, making him a multimillionaire. He is currently the chairman of O’Leary Funds Management LP. O’Leary is known for his specific approach to diversifying his investment portfolio and his strong yet volatile views on cryptocurrencies.
O’Leary and his first exposure to crypto
Kevin O’Leary owes his first investment in cryptocurrencies to a Harvard graduate for whom he once had the opportunity to lecture. This was in 2018, and O’Leary himself indicates that it was thrown at him as a challenge. At the time, he decided to make purchases of no more than $100, only projects that were available on Coinbase at the time. The investments then included Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash, and Stellar. For a long time, O’Leary portrayed this investment as severely misguided. He pointed out that he lost a few dollars on it, which he is not able to recover because cryptocurrencies are not secured by anything. He also happened to call Bitcoin unnecessary junk at that time.
Today, his perception of the market has changed significantly, and perhaps thanks to that one lecture where he taught himself, he began to derive new knowledge that is still bearing fruit today.