Kevin O’Leary on Bitcoin (BTC) and other cryptocurrencies: I don’t want be a crypto cowboy

Fri 26 Nov 2021 ▪ 18h31 ▪ 4 min read — by Katie Donaldson

On Tuesday, 25th November, Kevin O’Leary, a Canadian celebrity investor, shared his opinions on stablecoins, consulting with financial regulators, and the ongoing lawsuit the US Securities and Exchange Commission (SEC) has filed against Ripple Labs last December.

Always consult before buying

The businessman has been investing in Bitcoin and other cryptocurrencies for quite awhile now, recently admitting that coins now make up 10% of his investment portfolio. O’Leary used to echo other crypto sceptics but this Tuesday he shared more info on his crypto investments.

According to the famous Shark Tank host, he prefers to consult regulators  to see “what is possible and what isn’t” before making any investments since he is “ not interested in being a crypto cowboy and getting anybody unhappy with me because … I have so many assets in the real world that I’ve invested in already that I have to be compliant.”

As for the endless fight between the SEC and Ripple (XRP), O’Leary said that he is only interested in accommodating and complying with all agencies “because that’s where the real capital is. Investing in litigation against the SEC is a very bad idea.”

When asked to share his opinion on stablecoins, the investor stated that although his choice may seem counterintuitive (considering the fact that the US inflation rate in October was the highest it has been since the early 90s), a stablecoin pegged to the US dollar seems like the best choice to him.

O’Leary mentioned that he has sold a lot of his commercial property investments in recent years and is now sitting over a lot of money. This money would, however, lose its buying power owing to inflation. O’Leary is sure that he could make a potential 6% return if he buys into the USD coin.

The businessman is sure – the United States will lead the world with its stablecoin. O’Leary doesn’t even consider investing into Russian or Chinese central bank cryptocurrencies (CBDCs) due to his lack of knowledge of how these countries monitor the ownership of money.

The investor has recently visited the United Arab Emirates capital of Abu Dhabi and spoke with local financial regulators in order to learn more on the country’s blockchain. 

O’Leary himself views Bitcoin and blockchain as software development; this is precisely the reason why the businessman first looks into long term perspectives of investing in cryptocurrencies. 

“I need to invest in all of those [Solana (SOL), Polygon (MATIC) and HBAR], not just one of them because I don’t know who the winner’s going to be,” O’Leary added. “I am looking for which markets offered the best engineering talent and policy in the process.” 

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Katie Donaldson

I went full time crypto back in June 2018, and have never looked back. I want to help persuade as many people as possible to come and build the decentralised future! Let’s go!

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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