Cryptocurrency News

Shark Tank Co-host Kevin O Leary Claims that News about Institutional Interest in Bitcoin is Bogus

Kevin O Leary is an American businessman who became part of the limelight under his role as the co-host of the reality TV show Shark Tank. Like his counterpart Mark Cuban, O Leary started as a Bitcoin cynic. On several occasions, he admittedly refused to acknowledge cryptocurrencies. Last month, he claimed to make peace with the crypto mania and told media that he is personally invested in Bitcoin. 

During his recent appearance on the TD Ameritrade channel, he dismissed all new claims about the institutional investors rushing to buy Bitcoin dip. It should be noted that the TD Ameritrade Network is a premium content-creating company that provides services to online subscribers on platforms like YouTube, Twitter, Smartphone Trading applications, and Amazon Fire. There are many claims that this trading community is growing faster than Robinhood. 

O Leary thinks that the Bitcoin Carbon Footprint Problem is too Big to Ignore

The billionaire investor told journalists that the dangerous carbon emissions and fuel consumption is a huge disadvantage for Bitcoin’s survival. Several crypto analytic services, including Coinbase, Tradingview, and Glassnode, have been sounding the news that Bitcoin outflows have gone up to record levels in 3 years. 

However, O Leary has remarked that ESG concerns raised by the government as well as private institutions hold water. Despite his reservations about Bitcoin’s environmental hazards, he seems to be in line with the green energy promotion initiative through cryptocurrency. According to O Leary, the institutions that have invested in Bitcoin would not maintain their support for the long term due to the increasing costs. He also added that the involvement of institutions under such hazardous circumstances could entice more trouble.

Kevin O Leary is Shifting his Investment Focus from Gold to Cryptocurrency

O Leary has often claimed that he would not want to spend his money on the ‘blood coins’ that are mined in China. Nevertheless, he told the media that he had become a new advocate for decentralized financial applications. This transition has been caused by the rapidly diminishing return from the Gold reserves. O Leary told media reports that he invested 5% in gold reserves.

He also revealed that he did not disclose his crypto stashes in 2017 due to the fear of regulatory action. However, at present, he seems to think that Bitcoin could become a common cryptocurrency by way of adopting sustainable farming infrastructure. He claimed at one point in the interview that he now feels comfortable with the idea of growing his crypto portfolio from 3% to 5%.

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