Kevin O’Leary ready to invest 5% of portfolio in regulated ETF for Bitcoin
The businessman Kevin O’Leary declared determination to invest 5% of the investment portfolio in the controlled exchange-traded fund (ETF) tied to a rate of bitcoin.
In addition to participating in the Shark Tank television show, O’Leary is known for his skepticism of cryptocurrencies. Previously, he believed that Bitcoin carries no value and is useless as an asset, and investing in it is real madness. However, in a recent interview with Morgan Creek co-founder Anthony Pompiano, O’Leary said he was no longer against Bitcoin and even bought some cryptocurrencies. He was forced to do this to familiarize himself with digital assets as part of a training course at Harvard University.
The entrepreneur is concerned about the high volatility of Bitcoin and the negative attitude of regulators towards it. O’Leary explained that for various reasons, he often has to interact with regulators. In the course of such communications, O’Leary is constantly convinced that regulators are wary of cryptocurrencies. The skeptic said it is willing to invest in Bitcoin ETFs provided such an exchange-traded fund is approved by the U.S. Securities and Exchange Commission (SEC).
“I am willing to invest millions of dollars ETF for Bitcoin if this is clearly regulated. I need to be sure of the stability and know that I’m not breaking anything. If the SEC allowed such ETFs and called Bitcoin legal, it would be used in all payment systems and be considered a reliable means of preserving values. Then the number of people who want to invest in Bitcoin will grow many times, “said Kevin O’Leary.
He added that he prefers to diversify his investments. However, it is more difficult for cryptocurrency investors to invest in several cryptocurrencies at once, so many rely only on Bitcoin. O’Leary is convinced that it is not worth keeping money in just one crypto asset so as not to subject a significant part of his portfolio to volatility. The entrepreneur believes that exchange-traded funds can solve this problem. For investments in ETFs for Bitcoin, O’Leary is ready to allocate no more than 5% of his resources.
Recently, Larry Fink, head of the BlackRock investment company, said that Bitcoin could become an international asset in the future and question the status of the US dollar as a reserve currenc
