Shark Tank star Kevin O’Leary, also known as Mr. Wonderful, has warned about regulators coming down hard on bitcoin. In addition, he says that “even if bitcoin were to go up another 2,000%, it’s completely irrelevant to institutional clients.”
Kevin O’Leary Warns of Brutal Bitcoin Regulation, Says Bitcoin Is Not an Institutional Product
Canadian investor and television personality Kevin O’Leary talked about bitcoin in an interview on Thursday with CNBC’s Squawk Box.
O’Leary was asked whether he had changed his mind about bitcoin from thinking that it was “not a real currency” to investing in it and possibly buying more. “Let me be clear … I’ve been a cryptonian for years,” the Shark Tank star replied.
Whipping out his phone, he said, “here is my bitcoin wallet. At the time, all you can get was ethereum, XRP, bitcoin, litecoin, stellar lumen, and bitcoin [cash]. I bought this at the last craze. I put $100 to work here. This morning it is worth $52.77 because not all cryptocurrencies are the same, clearly.” He elaborated:
I’m involved in this because it’s fun but this is not an institutional product … This whole market, even if bitcoin were to go up another 2,000%, is completely irrelevant to the institutional clients.
Reiterating that he owns bitcoin, O’Leary noted, “I ride with it on the weekends,” but emphasized that “you can’t put this into a fiduciary product … it’s irrelevant to financial markets.”
He clarified that “The real problem is if you get involved in this as a fiduciary, and it gets regulated, and it gets cut in half or goes to zero, who knows what, you have never seen the mother of class action lawsuits that’s coming from that one.”
O’Leary was asked to comment on how the Dallas Mavericks, the professional basketball team owned by his fellow Shark Tank star Mark Cuban, recently began to offer merchandise discounts to customers paying with bitcoin….