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Shark Tank star Kevin O’Leary stated that “Crypto for the first time is more than gold for me” and doesn’t see a situation where crypto “goes away” as a result of regulation.
Entrepreneur and Shark Tank star Kevin O’Leary, also known as Mr. Wonderful. has revealed he now holds more crypto than gold.
During an interview hosted by Daniela Cambone from Stansberry Research, O’Leary stated that his investment portfolio has a larger exposure to crypto than gold, however, he still advocates for holding both as they are “two different asset classes” and that comparisons between gold and Bitcoin are irrelevant:
“I have 5% in gold. Crypto for the first time is more than gold for me, and I'm going to keep my gold. I see no reason to sell it.”
“The best way to look at it, if you’re an investor, either you believe in decentralized finance and centralized finance, and you believe in Bitcoin and Ethereum and the blockchain, or you don't. If you don't, stay in gold as a hedge, and if you do, tip into it,” he said.
For the first time ever, my crypto exposure is greater than gold @DanielaCambone @WonderFi @ImmutableHold @BenSamaroo @jordanfried https://t.co/Afhz59Fljv
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) October 2, 2021
It appears that O’Leary’s crypto portfolio allocation is around the 6% mark, as he stated that he plans to reach 7% by year’s end, with investments divided amongst digital assets and blockchain companies:
“I'm now going to be at 7% percent hopefully by year-end, so I’m a believer in it. I'm an investor in it. I put many bets out with different companies now they're developing products in these areas and I'm pretty comfortable with where I sit.”
“So I'm happy to listen to anybody. But I'm sorry, I don't agree with the answer is ‘you have zero exposure to crypto,’” he added.
Speaking on the investment opportunities in the crypto sector, O’Leary also stated that is no longer just “betting on the price of Bitcoin anymore” as he emphasized the potential of the broader ecosystem.
“There's so many other ways to invest, particularly in blockchain opportunities. Solana, Ethereum, you know, I mean, there's so many different layer ones. And then of course, layer two is the derivatives that are put on top of the Ethereum, Solana and all the others,” he said.
Questioned on the possibility of the U.S. government banning Bitcoin and crypto in the future, the 67-year-old said that he doesn’t “see a situation where cryptos are going away,” as he thinks the government doesn’t want to fall behind in payments tech innovation:
“The productivity enhancements that are available through cryptocurrencies and the entire infrastructure of decentralized finance are far too interesting for even governments.”
“I don't think the U.S. government wants to fall behind in the development of new payment systems and services online,” he added.
Related: Gensler confirms SEC won't ban crypto ... but Congress could
Mr. Wonderful’s presence in crypto has been growing in 2021, and his latest comments provide a stark contrast to his description of Bitcoin (BTC) as a “giant nothing burger” in January.
Cointelegraph reported in August that O’Leary signed a multi-year deal to serve as a brand ambassador and spokesperson for the FTX crypto exchange. As part of the deal, the entrepreneur also elected to be paid in crypto assets in exchange for his promotional services.
Shark Tank star and investor Kevin O’Leary says his portfolio contains more cryptocurrency than gold for the first time. In a new interview with Daniella Cambone on Stansberry Research, the business magnate says that while he doesn’t intend on selling all his gold right away, he sees a lot of opportunity in the crypto space […]
The post Shark Tank Veteran Kevin O’Leary Says His Crypto Exposure Is Now Larger Than Gold – Here’s Why appeared first on The Daily Hodl.
Mr. Wonderful has signed a multi-year deal to serve as a brand ambassador and spokesperson for FTX and will be paid in crypto assets and take an equity stake in FTX.
Shark Tank host Kevin O’Leary has become an official spokesman for Sam Bankman-Fried’s FTX crypto exchange and will be paid in crypto and receive equity as part of the deal.
According to an Aug.10 announcement, the partnership with FTX Trading Ltd. and West Realm Shires Services Inc. (owners of FTX.US and FTX.com) will see O’Leary take an equity stake in both firms.
The venture capitalist also known colloquially as “Mr. Wonderful” signed the multi-year deal to serve as a brand ambassador and spokesperson. He asked to be paid in crypto assets to increase his holdings.
Finally solved my compliance problems with #cryptocurrencies I'm going to use FTX to increase my allocation and use the platform to manage my portfolios https://t.co/yaoRUnXy14
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) August 10, 2021
In the announcement, O’Leary noted that “institutional investors struggle with the decision to invest in crypto assets” as they harbor compliance-related concerns as he did regarding crypto:
“I am no different. I want to increase my crypto exposure but also serve my compliance mandates. When it comes to rapidly changing compliance and tax reporting requirements, the current cryptocurrency ecosystem is fraught with risks that I can not take.”
He added that, “To find crypto investment opportunities that met my own rigorous standards of compliance, I entered into this relationship with FTX.”
Regulatory compliance in crypto has been a long-standing issue of the investor, and he previously stated back in 2019 that:
“I have no interest in doing any of this crypto crap because it is not compliant.”
Related: Regulatory clarity for crypto would take 3 to 5 years, FTX CEO says
O’Leary has been tasked with elevating the brand to large audiences and has already got to work on social media by promoting a FTX CryptoPunk NFT giveaway on Twitter. However, he unfortunately misspelled a word in the caption of his post which reads “what to win a CryptoPunk? Here’s your chance!”
da faq? english much?
— DG (@lpdelat) August 10, 2021
The venture capitalist has a knack for coming up with colorful nicknames for crypto, and in January he referred to Bitcoin (BTC) as a “giant nothing-burger” due to its inconsistent regulatory frameworks across the globe. He has also described BTC mined in non-environmentally friendly ways as “Blood Coin.”
He changed his tune on Bitcoin and revealed plans to allocate 3% of his investment portfolio to BTC in March.This week he called Ethereum "ultrasound money' in a Cameo video.