Will Ethereum Overturn Bitcoin? Kevin O’Leary says Sovereign Wealth Funds will determine top crypto by market capitalization
Prominent venture capitalist Kevin O’Leary believes that a certain group of deep-pocketed investors will dictate whether Bitcoin (BTC) remains the largest crypto asset by market capitalization.
In a recent episode of Crypto Banter, the Shark Tank star says he has a hard time believing that Ethereum (ETH) will usurp Bitcoin and become the king of cryptocurrency.
“When I talk to sovereign wealth, I don’t care if it’s Norway, or the United Arab Emirates or Saudi, they want Bitcoin. They have not come to the analysis that we have just gone through. They want the proxy of Bitcoin and they want that volatility…
If [ETH] becomes the default platform for other digital assets, which will help. But in the immediate term, the demand for 1% to 3% of a portfolio is a standard. These sovereign wealth portfolios look like this: no more than 20% in a sector, no more than 5% in a name…
When you ask them if you could buy any digital asset, which one would it be and what allocation. It’s about 50 basis points on the low end, up to 300 basis points on the high end. And 99% of the time they say Bitcoin. That’s all they know.”
O’Leary adds that the sovereign wealth funds are just waiting for a clear regulatory framework before diving into Bitcoin.
“It’s going to take a while for that demand to come in, and I think it will be number two. And they absolutely like USDC, and they love Solana, Polygon. You go down the list based on market value. I understand that, but right now, if we had policy on Bitcoin, I swear to you the price would be $60,000 in two weeks.”
At the time of writing, BTC is changing hands at $24,756 and ETH is trading at $1,987.
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Featured image: Shutterstock/Tithi Luadthong
