Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says, “Bitcoin will always be the gold,” and will outperform other cryptocurrencies, such as ethereum, in the long run. He said that “interests are being taken from all kinds of institutions” for bitcoin.
Kevin O’Leary Bullish on Bitcoin
Kevin O’Leary shared his thoughts on bitcoin and ether on Wednesday in an interview with CNBC. While acknowledging that ether has been doing well lately, O’Leary insisted:
Bitcoin will always be the gold.
The Chairman of O’Shares ETFs added that “Ethereum will always be the silver,” but stressed that “that’s not necessarily a bad thing.” He did not name other cryptocurrencies.
The Shark Tank star notes that Ethereum has a potential advantage in the shift to a new model, but believes that Ethereum will be “used as a form of tracking and payment system in the first place.” O’Leary pointed out, however, that Ethereum 2.0 has the potential to be “much greener in terms of how much energy it takes to make it.” Nonetheless, he insisted it will never overtake bitcoin. “Will it ever require bitcoin? No,” he confirmed.
O’Leary revealed in February that he had allocated 3% of his portfolio to bitcoin after Canadian regulators approved bitcoin exchange-traded funds (ETFs). He explained that bitcoin proponents view the cryptocurrency as digital gold and a hedge against inflation that will increase over time.
Mr. Wonderful explained:
Now, bitcoin hitting new highs almost every week proves that interests are being pulled from all kinds of institutions that are now trying to figure out: is it a currency? Is it an asset? Is a property? … That gives you an idea of the institutional and individual importance.
Earlier this month, O’Leary said he is only interested in buying ‘clean’ bitcoins sustainably sourced from countries that use clean energy, not ‘blood coins’ from China.
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