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Many doubters in the bitcoin business first questioned its use but have now changed their minds. These range from well-known individuals to large-cap institutions. The similar question came up in a recent TD Ameritrade Network interview with Shark Tank’s Kevin O’Leary.
— TD Ameritrade Network (@TDANetwork) May 27, 2021
Kevin O’Leary, better known as “Mr. Wonderful,” the Shark Tank co-host, shared his thoughts on the bitcoin ecosystem. In a 2019 CNBC interview, the reality TV personality called cryptocurrency “garbage.” He went on to say, “It’s a useless currency,” and that it was a “worthless” digital risk.
Of course, he has changed his views on the digital currency, as he recently stated in a tweet about adopting Bitcoin into his portfolio. O’Leary also jumped on another crypto trend, claiming that non-fungible tokens (NFTs) will be “phenomenal” and would be a part of the future of art and music.
To everyone’s surprise, he released his own DeFi Venture, named it ‘WonderFi’ which he discussed with Anthony Pompliano in his live podcast series.
Mr. Wonderful and Bitcoin
Now, even though he included Bitcoin in his portfolio along with other coins, the businessman didn’t seem to see eye to eye with the popular narrative about the coin. He said:
“You bring on guests all the time that say, ‘Oh, institutions are getting into Bitcoin.’ That’s BS!”
He further reiterated:
“There is no institution out there, any sovereign or pension plan, that’s doing this yet because they’re not over the ESG issues.”
The fundamental cause for BTC’s recent dips has been sustainability worries. It has, without a doubt, been highly argued in the past. Even Tesla discontinued its Bitcoin payment option due to concerns about its carbon footprint.
Kevin O’Leary, Chairman of the O’Shares ETF, was keen to point out one important characteristic of the flagship coin. He continued, saying:
“If institutions get involved, …. bar the doors.’ That’s what you are betting on.”
However, according to z recent Bank of America survey by Michael Hartnett, chief investment strategist (published on May 19) 43% of respondents identified “long Bitcoin” as the most crowded trade for the first time since January, relegating “long tech” to second. Furthermore, in terms of “no institutional adoption” of BTC, Bitcoin Treasuries paint a completely different picture.