Canadian businessman Kevin O’Leary (also identified as Mr. Wonderful from the famous TV show, Shark Tank) has successfully returned his past thoughts regarding Bitcoin. At one point in time, he was of the view that Bitcoin is “garbage”. But today, the business entrepreneur has become a Bitcoiner by investing approximately 3% of his wealth. He has also come to settle terms with the coin’s instability and thinks that volatility isn’t an issue for him.
A widely known TV celebrity Kevin O’Leary was once amongst the haters of Bitcoin. He was found stating once that the Bitcoin to him is nothing but “garbage”. He even said that he would never take it if somebody has given Bitcoin to him for free. However, lately, there is a complete retuning of his past thoughts as Mr. Wonderful has become a Bitcoiner himself.
It was announced by O’Leary in a tweet message that he has invested in Bitcoin. While he was being appraised, he also informed that 3% of his entire wealth has been put into Bitcoin. He stated in an interview with CNBC that he has come to believe that there isn’t a backdoor for digital assets and that they are going to stay longer than anyone’s imagination. The issue of volatility has become secondary in the past three months for institutional and individual investors.
He further informed that apart from acquiring a few Bitcoins, he has also purchased some Ethereum coins as well. He said that when he bought digital assets he was too much concerned about their volatility. But over time he has overcome his stress regarding volatility.
The next milestone for a TV star is to become a part of the Bitcoin mining industry, said O’Leary.
While talking about Bitcoin’s instability, he said that for every crypto investor there is an apparent risk of volatility. But the investors generally take those risks gladly because of simple calculations. He said for example a man has bought a Bitcoin for US$ 30,000 three months ago but today the value is US$ 50,000. If a decline happens and Bitcoin loses say US$ 10,000, would that make any difference for the person who had bought Bitcoin for US$ 30,000? Of course not, explained O’Leary.
For him, he explained the major issue was how much should he invest in digital assets. He said he conducted analysis for determining how much should he invest in digital currency. The determination revealed to him that his investment should not exceed 5% of his entire wealth. On the basis of his self-analysis, he invested 3% of his wealth for which he is glad to have made a just decision.
Anthony Pompliano, a partner at Morgan Creek, commented on O’Leary’s revelation. He stated that when he was going to invest in Bitcoin, O’Leary had asked him to invest 50% of his wealth. But when O’Leary’s turn came he only decided to inject 5%. He mocked O’Leary to suggest that soon O’Leary would be investing the rest of 45% due to him.