Shark Tank’s Kevin O’Leary Says ‘Bitcoin Will Always Be the Gold,’ Citing Interest From ‘All Kinds of Institutions’

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Although renowned venture capitalist and Shark Tank star Kevin O’Leary has previously suggested that bitcoin is a bubble set to burst, he has recently changed his tune, declaring that the world’s most popular cryptocurrency is destined to become an institution. O’Leary says that the fluctuation of bitcoin’s market value, which has been greatly amplified by the involvement of the mainstream media, is the primary reason why many investors are skeptical about cryptocurrency. However, the Shark Tank star is unfazed, and has even gone as far as to predict that the value of bitcoin will continue to rise.

Thanks to the incredible rise in popularity of cryptocurrencies over the past year, more and more people are jumping on the bandwagon and investing in these “digital gold” coins, including business mogul and “Shark Tank” investor Kevin O’Leary. O’Leary recently shared his thoughts on the cryptocurrency market during an interview on “Squawk Box.”

Shark Tank star Kevin O’Leary, also known as Mr. Wonderful, says bitcoin will always be gold and will outperform other cryptocurrencies like Ethereum in the long run. He said all kinds of institutions are interested in bitcoin.

Kevin O’Leary has faith in bitcoin

Kevin O’Leary shared his thoughts on bitcoin and ether in an interview with CNBC on Wednesday. O’Leary acknowledges that the ether has been doing well lately, and persists:

Bitcoin will always be gold.

The president of O’Shares ETFs added that Ethereum will always be silver, but stressed that this is not necessarily a bad thing. He did not mention other cryptocurrencies by name.

The Shark Tank star notes that Ethereum has potential advantages for transitioning to a new model, but she believes Ethereum will be used primarily as a tracking and payment system. However, O’Leary noted that Ethereum 2.0 has the potential to be much more environmentally friendly in terms of the energy required to create it. However, he maintains that it will never surpass Bitcoin. Will it ever accept bitcoins? No, he confirmed it.

In February, O’Leary said he had invested 3% of his portfolio in bitcoin after Canadian regulators approved bitcoin exchange traded funds (ETFs). He explained that bitcoin supporters see the cryptocurrency as digital gold and a hedge against inflation, which will become more expensive over time.

Sir, I want to thank you for your support. Beautifully made:

With bitcoin hitting new highs almost every week, it’s interesting for all sorts of institutions trying to figure it out: Is it a currency? Is this an advantage? Is it the property? … So you have an idea of institutional and individual interest.

Earlier this month, O’Leary said he was only interested in buying clean bitcoins mined in countries with clean energy, not blood coins from China.

Do you agree with Kevin O’Leary? Let us know your comments in the section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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