Canadian businessman Kevin O’Leary has disclosed that he holds a significant chunk of cryptocurrencies.
Speaking on CNBC’s Squawk Box segment on Friday, ‘Mr. Wonderful’ as he prefers to be called stated that 20% of his investments were in cryptocurrencies or things in that line.
“I have millions of dollars. 20% of my portfolio is now in cryptocurrencies and blockchain,” O’Leary said in the interview.
The popular host of business TV show Shark Tank went on to state that he ardently believes that cryptocurrencies are the future, hence his decision to invest. “If you graduate from MIT right now you don’t want to work for an old industrial company, you want to go to a blockchain company,” he said. According to him, it made no sense for anyone to have the urge to invest in software companies like Microsoft and Google and not Bitcoin.
“Bitcoin is not a coin, it is simply software, Ethereum is software, if you own Microsoft if you own Google, why don’t you own Bitcoin?” he added.
“You have to be diversified,” Ol leary went on, adding that he owns at least 32 different positions including equity in FTX, where he is also a paid spokesperson for the crypto exchange.
O’Leary, who had until a year ago been a tough critic of Bitcoin has now become one of the biggest voices of the reason behind cryptocurrencies, strongly backing initiative in the blockchain sector. To him, although investments in the sector are still a big gamble, he still chooses to take the bull by the horns. “You don’t know who is going to win. Is Ethereum going to win, is Solana going to win, is it Helium or is it avalanche? I own them all,” he went on to say.
The businessman however raised concerns over the Bitcoin mining industry, noting that its carbon footprint made the future of companies involved uncertain. He said that after reading the POTUS crypto executive order, he had sold all his holding in Riot Blockchain, Marathon Digital, Hut 8 Mining, and Hive Blockchain ‘because they use Carbon credits.’
Accordingly, he also called for the fast-tracking of a comprehensive cryptocurrency law in the U.S., arguing that they were lagging compared to other countries such as Canada. “The Canadians are more advanced. they have the very first Bitcoin ETF. How come we don’t?…we are so far behind in policy for this nascent industry that’s gonna lead the world of financial services.”
