The Canadian businessman and a renowned TV personality – Kevin O’Leary – predicted that bitcoin’s valuation will never go to zero. He believes that cryptocurrency is just like gold, a store of value. As such, O’Leary has allocated 5% of his portfolio to it and 5% to precious metals.
BTC is a store of value for enough people
In a recent interview for Kitco News, the famed investor and host of the TV show Shark Tank – Kevin O’Leary – doubled down on his bitcoin support. He predicted that BTC “is never going to zero” because it has emerged as a store of value. O’Leary compared the leading cryptocurrency to gold, admitting he had distributed the same amount of his wealth to both assets:
“Bitcoin is never going to zero. This is my personal opinion. It is a store of wealth that many people see around the globe, including me. It is a 5% weighting in my portfolio, just like gold is.”
He is interested in other digital assets as well as bitcoin. His crypto exposure is 20%, according to him last month. He also holds Solana (SOL), Ethereum (ETH), and Avalanche(AVAX).
“You have to be diversified. I won 32 positions, including equity as well as FTX. You don’t know who’s going to win: is Ethereum going to win, is Solana, is Avalanche? I own them all.”
Mr. Wonderful, as his nickname goes, believes that crypto adoption will take off in the US if regulators have comprehensive rules. This will initially boost bitcoin and then altcoins.
“What we really need is for US regulators to make policy, and then allocations will start, primarily in bitcoin.”
O’Leary touched upon stablecoins, too. He thinks the American authorities should open their arms to these assets to preserve the US dollar as the world’s reserve currency.
BTC Investments are Similar to Microsoft Investments
Despite his past crypto skepticism, the Canadian remains one of the most vocal bitcoin supporters. He stated earlier this year that being exposed to the primary cryptocurrency was like having positions in large corporations such as Microsoft or Yahoo.
In addition, he forecasted that bitcoin’s USD value could tap $300,000 by 2025. The price surge will happen once there’s sufficient regulation, which will enable numerous institutions to enter the ecosystem:
“And I want to go long on bitcoin when it happens. Bitcoin could go to $300,000 when institutions can finally buy it.”