Bitcoin in 2020 has finally attracted institutional investors with serious wealth and capital to throw around. And it is exactly why the leading cryptocurrency is trading well above its previous peak set in 2017.
But why then, is one of the world’s most “wonderful” investors and TV show “shark” claiming that crypto is “not an institutional product” based on his purchase of the emerging assets made back then?
Kevin O’Leary: Crypto Is Completely Irrelevant To Institutions
The biggest narrative driving Bitcoin’s bull run in 2020, has been the sudden interest from institutional investors finally considering the cryptocurrency as a store of value and a way to protect against inflation.
These uses, however, are still developing. But the asset’s potential suggests it could either result in total failure, or complete disruption of the current financial system.
Related Reading | Bitcoin Dominance In December: Why The Future Of Altcoins Hinge On This Month’s Close
For whatever reason, for the first time in its history of the asset, well-known figures in finance are talking about Bitcoin, buying BTC, and telling others why they should do the same.
Yet, Mr. Wonderful himself, Kevin O’Leary, known for his role on TV’s Shark Tank or in the finance world for his investments, says that crypto – including Bitcoin – is “not an institutional product.”
Institutions have been behind the recent Bitcoin uptrend | Source: BTCUSD on TradingView.com
Shark Tank Star Admits Bitcoin Might Be Different, Swims With Peers Call That It Bananas
Weeks ago, while joining Bitcoin mouthpiece Anthony Pompliano on his podcast, Shark Tank star Kevin O’Leary had begun to warm up to the top crypto. However, he says he’s already long been a “cryptonian” since 2017.
At that time, he bought a variety of Bitcoin, Ethereum, XRP, and other coins available at the time for “fun.” He only spent $100, which is now worth approximately half of what he put in initially.
Using the example, he admits that maybe Bitcoin is different, but that the cryptocurrency is “insignificant” to the greater financial market and the institutional crowd.
Related Reading | Bananas! Billionaire Shark Mark Cuban Calls Bitcoin More Religion Than Solution
He warns that because of potential regulation, institutions won’t want to get caught with their pants down, or worse yet, more and more funds pile in and when the government finally pulls the rug, the “mother of all” class action lawsuits will result.
For those reasons, he’s “out” on Bitcoin. O’Leary isn’t the only Shark Tank investor to be skeptical of crypto either. Mark Cuban claims he’d rather own bananas over Bitcoin. That leaves a few sharks still potentially “in” – which is the next in the tank to take a bite out of Bitcoin?
Featured image from Deposit Photos, Charts from TradingView.com
Discussion about this post