Burger Bitcoin or crypto crap: Kevin O’Leary of Shark Tank on why he’s no investing in BTC

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Despite criticising Bitcoin, the Shark Tank Star has said that the digital currency could become “something of tremendous value” if regulators were to back it up.

Businessman Kevin O’Leary, who stars on the reality TV show Shark Tank, seems to be retreating from the claims he made in December that he would buy more bitcoin.

In an episode of his YouTube series published today entitled “Why I’m NOT Investing in Bitcoin,” O’Leary talked to Bitcoiner Anthony ‘Pomp’ Pompliano and named Bitcoin (BTC) a “giant nothing burger” in terms of its worth as an asset. He argued that he would be unable to make a “significant transaction” using the crypto asset because of inconsistent global regulatory regimes.

“I look at the asset value of Bitcoin versus the asset value of all things traded and Bitcoin is still a nothing burger — a giant nothing burger,” said O’Leary. “The reason I would argue that that’s the case is you don’t have every institution willing to play ball with it.”

The Shark Tank Star is not entirely against Bitcoin, though. He featured in an episode of Pomp’s podcast in December and announced that he already owned some BTC and would consider investing somewhere from 1% to 2.5 percent of his portfolio in the crypto asset in the future. In his YouTube video today, the businessman assaid Bitcoin has the potential to become “something of tremendous value” if authorities in various countries were to get behind the digital assets:

“If there was an attempt to either take Bitcoin itself or some other currency […] that could be traded everywhere with the regulator agreeing to it and would be agnostic — in other words, you could trade it to buy assets in Switzerland, trade it to buy assets in France, or in England, or in the United States […] everybody would take that digital currency.”

O’Leary is known to come up with colourful yet critical nicknames. Previously, he referred to digital currencies as “crypto crap” and Bitcoin as “not real currency” and “rogue currency.”

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