Shark Tank’s Kevin O’Leary joins the Bitcoin Club with a 3% allocation

The growing popularity of the “I changed my mind about Bitcoin” club has another prominent proponent. Canadian businessman and Shark Tank star Kevin O’Leary called BTC trash and invested 3% of his portfolio in the asset.

O’Leary bought Bitcoin

O’Leary was born in Montreal, Canada. He is a popular businessman, writer, and perhaps best known for his role on the reality television show Shark Tank. O’Leary, also known as Mr. Wonderful, recently announced his entry into the Bitcoin ecosystem.

Is #bitcoin a currency? Property? An asset? Maybe all of the above, I’m leaving with a portfolio allocation of 3% and want to invest in miners who can make coins so sustainably under a mandate of 0 carbon!

– Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) March 1, 2021

In addition to allocating 3% of his portfolio to the primary cryptocurrency, the businessman also promised to invest in BTC miners with clean energy to avoid “blood coins”.

Additionally, O’Leary said that all of the companies he invested in are currently looking into adding Bitcoin to their balance sheets. He attributed this to “changes in the regulatory environment” but failed to provide details on their precise nature.

Another change in heart momentum

Prior to his 3% BTC allotment, O’Leary rarely had anything positive to say about the cryptocurrency. On the contrary, he openly knocked it down.

In 2019, O’Leary was mostly negative about this “digital game” called Bitcoin, which was “worthless” to him. He went further by calling it “useless currency” and “junk” because you can’t get in and out in bulk.

“Let’s say you want to buy a piece of land in Switzerland for $ 10 million. They want a guarantee that value will return in US currency. You have to somehow hedge the risk of Bitcoin. That said, it’s not a real currency. This means that the recipient is unwilling to take the risk of its volatility. It is worthless. “

Fast forward to February 2021, he was still neglecting the potential of BTC. O’Leary said he was not against it and actually respected the asset, but turned down any chance to put much capital into it.

“No, I don’t want to own anything that goes up and down 30% in a day or a week.” – O’Leary noted, adding that Bitcoin “is not supported by anything. It is only supported by your faith. “

However, it appears that this “worthless, not supported by anything digital game” has earned at least 3% of its investment portfolio.

With this change of heart, O’Leary has joined a prominent club with several similar examples. Names like Michael Saylor from MicroStrategy, Jim Cramer from CNBC and former Fed Governor Kevin Warsh.

Selected image courtesy of INC

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