‘Shark Tank’ Star Explains Upcoming ‘Mega Opportunity’ for Bitcoin’
Celebrity investor Kevin O’Leary (aka “Mr. Wonderful” on the ABC TV series “Shark Tank”) recently explained why he continues to “allocate to Bitcoin.”
According to a report by The Daily Hodl published earlier today, his comments were made during an interview with influencer “Crypto Jebb” on August 4.
The Shark Tank star said:
“The big opportunity, the mega opportunity for Bitcoin, and why I stay long and why I continue to allocate to Bitcoin, is when we get policy and institutions can allocate to it – sovereign wealth and pension institutions – they will probably put 50 basis points, which is half percent, up to one percent into Bitcoin, and that’s where you’re going to break out of this range. How high? Nobody knows because the demand is almost insatiable.
“Most major institutions will have a position in crypto and they will grandfather crypto. They want Bitcoin. They can’t buy it yet… I service the institutions and sovereign funds with indexing and they all tell me they want to index for Bitcoin but they can’t buy it. They have no policy. They have no compliance infrastructure. So we have to get this done.“
On July 6, during an interview on the YouTube series “Meet Kevin”, the Canadian investor claimed that the crypto markets are at risk of a massive capitulation event that will trigger further investor panic. O’Leary argued that the market has yet to bottom out, despite the collapse in prices over the past two months.
The Shark Tank investor also predicted that a “big guy” in the crypto industry would go to zero, which he called “very healthy” for the market.
As reported by the Daily Hodl, O’Leary said:
“There is no big guy who has gone to zero yet and I think there will still be more to come. Hard to say who it is because it’s going to be because of leverage and some kind of relationship in a counterparty share that they haven’t disclosed and I’m just speculating right now, but it would be very healthy for the market to have that happen.“
O’Leary was commenting on crypto brokerage firm Voyager Digital, which on July 6 filed for Chapter 11 bankruptcy protection after defaulting on a loan from a large-cap lender. O’Leary said the firm was too small to constitute his “big guy” going to zero, and said other crypto companies that have failed so far were also “irrelevant” in terms of market cap.
O’Leary warned that the crypto markets could undergo a massive capitulation event in the near future that would create even more uncertainty for investors. However, he gave the caveat that such an event would represent a major buying opportunity:
“I like a big, big panic event. It has always been a great way to bottom out. It’s throwing in the towel. It is capitulation. That’s a huge volume. There is total panic in the streets and always a great buying opportunity.“
While the famous investor said it was difficult to predict when the event would happen, he claimed it would be a “very good thing for this industry.” He said a capitulation event would wipe out the broken business models and help the market clear the over-leveraged speculation.
