When Bitcoin rises in mass acceptance, it doesn’t come as a surprise that some of the asset’s detractors have changed their hearts. The most recent entry to this list is Canadian TV host Kevin O’Leary, who is “going for a 3% portfolio distribution.”
In his latest tweet, O’Leary, who co-hosts Shark Tank, thinks that the digital currency might be either currency, land, asset, or all three.
O’Leary has come a long way from last month’s comment that Bitcoin is “a giant nothing-burger.” On February 10, he announced that he also purchased crypts like BTC, ETH, BCH, LTC, XRP, and XLM only because he was asked. At the time, he said that he had no trouble purchasing investments and that he would go ahead and “risk a hundred bucks.”
Having invested 16 dollars on each of the coins mentioned above, he said:
“How come I didn’t make a ton of money? Because not all cryptocurrencies are equal…That’s why I don’t really love this crypto stuff. You have to guess which coin is going to move.”
But, O’Leary, famously known as ‘Mr. Great,’ is now looking to invest in Bitcoin miners as well, particularly those who can ‘build the coin under the 0-carbon mandate, so sustainably.’
The businessman told CNBC that he weighted 3% of the allocation between Ethereum and Bitcoin. He acknowledged that he was sickened by market fluctuations and that he was “getting used to it.”
Meanwhile, Mark Cuban, O’Leary’s counterpart, has recently made a bullish case for Ethereum. Cuban thought that blockchain technologies could be a game-changer for multiple sectors and was enthusiastic about the “simplification of smart contracts” on Ethereum.
Like O’Leary, who is a relatively new crypto investor, many on crypto twitter were asking if they were too late. A billionaire hedge fund founder recently said that being late for the crypto party is like “taking a loser seat at a high stake poker game.”
Contrastingly, Ruffer, which manages $28.3 billion worth of investment funds, said they are relatively “early:”
“[We are] at the foothills of a long trend of institutional adoption and financialization of Bitcoin.”
Last year, Ruffer allocated roughly 3% of its portfolio to Bitcoin, in order to diversify its much larger investments into gold.
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