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shark tank investor bitcoin ethereum kevin oleary
Nexo

“Wonderful” Shark Tank Investor Shifts Portion of Portfolio To Bitcoin and Ethereum

Tony Spilotro by Tony Spilotro
2 months ago
in Bitcoin
0

Although Bitcoin couldn’t hold above the $1 trillion market cap for very long, doing so in the first place might have been a turning point for even the most skeptical investors. It has even caused one Shark Tank investor to change his tune, shifting a portion of his portfolio into the highly volatile asset. Here’s how else the cryptocurrency asset class has been able to turn other high-wealth investors from naysayers into believers.

ABC’s Shark Tank Investor Kevin O’Leary Allocates 3% Into Bitcoin And Ethereum

Cryptocurrencies like Bitcoin and Ethereum are extremely volatile compared to traditional asset counterparts. That volatility has kept Shark Tank investor Kevin O’Leary from making a bid on the asset class for years, aside from a small purchase he made on Coinbase in 2017.

RELATED READING | ONE YEAR LATER: BITCOIN EMERGES AS “THE STIMULUS ASSET”

Over the last few years, the affectionally-dubbed “Mr. Wonderful” has appeared on CNBC blasting the asset class as “garbage,” but he’s now bought into weighted bucket of Bitcoin and Ethereum with at least 3% of his portfolio, according to a recent segment.

O’Leary says that the volatility the asset class is notorious for still “sickens” him, but that he’s “getting used to it” and thinks that crypto is “here to stay.”

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 bitcoin ethereum shark tank kevin oleary

The rise of Bitcoin and Ethereum over the last year has been undeniable | Source: BTCUSD on TradingView.com

Crypto Wins Over Mr. Wonderful, What Happens When The Feeding Frenzy Begins?

O’Leary is a mainstay on ABC’s Shark Tank, alongside other wealthy entrepreneurs and investors such as Robert Herjavec, Lori Grenier, and Mark Cuban. Cuban, another crypto pundit who once said he’d rather have bananas than Bitcoin, has also recently come around to the asset class.

Cuban hasn’t necessarily given much support to Bitcoin itself, but has recently dabbled in NFTs in recent months.

RELATED READING | FAMED INVESTOR, BLACK SWAN AUTHOR IS “GETTING RID OF” HIS BITCOIN, HERE’S WHY

Bitcoin and Ethereum, have grown enormously in ROI, market cap, and adoption. The pandemic and resulting stimulus-related money printing propelled the digitally scarce asset with futuristic, decentralized use cases into the forefront of finance, and since then, no one can deny their relevancy and potential.

With that widespread realization that these technologies are “here to stay” as O’Leary said, there’s a mad dash to buy in now rather than paying increasingly higher prices later on. High wealth individuals like O’Leary, whose net worth is reportedly around $400 million are only just starting to allocate 3% of their portfolios and look what how much the asset’s price has appreciated.

What will the result be when large portfolios are crypto-dominant? It is a future that’s hard to imagine for the time being, but as the asset class has shown its transformative potential has nowhere nearly been tapped, and is only just beginning to show what it is capable of.

Featured image from Deposit Photos, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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