Shark Tank star and investor Kevin O’Leary has changed his stance on bitcoin, saying the cryptoasset could reach a market capitalization of $20 trillion.
O’Leary, who has earned the nickname ‘Mr. Wonderful,’ revealed in an interview with Stansberry Research that he has invested 3% of his net worth in cryptoassets. O’Leary claimed a $100,000 price for bitcoin no longer seemed crazy, noting BTC represented the “U.S. dollar” of cryptocurrencies.
If it became, let’s say, I don’t know, $20 trillion of value, okay? You would be basically very very stable in my view because you would be being held by people and institutions that are holding it for, again, to hedge against inflation or just storage of value.
O’Leary, using the catchall term “bitcoins” in reference to cryptoassets, claimed he had little interest in coins mined in China. Mr. Wonderful said he was “unhappy” over his relationship with the Chinese government in regards to his investments in the country, and said he would not pursue Chinese-based coins.
O’Leary also expressed an interest in pursuing his own mining as a form of investing in cryptoassets, thereby avoiding “wasting energy” or pursuing projects that were not “carbon neutral.”
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