Kevin O’Leary, a Shark Tank investor and Canadian businessman, has compared Bitcoin investments to holding a position on Microsoft or Yahoo. According to O’Leary, Bitcoin (BTC/USD) is a coin, currency or software.
Bitcoin is like investing in large companies
O’Leary has shown his support for the primary cryptocurrency despite the plummeting prices. In a recent Twitter post, O’Leary said that holding Bitcoin in a portfolio equated to holding the shares of some of the largest tech giants such as Microsoft and Yahoo.
This is not the first time someone is comparing Bitcoin to leading tech firms. In 2021, Anthony Scaramucci, the founder of SkyBridge Capital, said that Bitcoin was like Amazon, Facebook and Google.
Over the past year, traditional investors have changed their stance on diversifying their investments into Bitcoin. In 2019, O’Leary was a major Bitcoin sceptic, saying that the digital asset was “worthless” and a “useless currency.”
O’Leary started changing his stance early last year, saying that he was no longer against the asset and respects it. He has since invested in Bitcoin, and he has allocated 3% of his investment portfolio into Bitcoin. He has stated that he will invest in Bitcoin for the long run, and he has even argued that none of the other cryptocurrencies has the potential to surpass Bitcoin’s market cap.
O’Leary sees Bitcoin at $300K
O’Leary is still bullish about Bitcoin’s prices. In an interview with Stansberry Research, the investor said that Bitcoin’s price could reach $300,000 in three years. However, he opined that such gains would rely on the regulatory framework set by US authorities. A clear regulatory framework will attract more institutional players into the sector.
He said,
At some point in the next two to three years, the US regulator is going to make a statement about cryptocurrencies. Once that happens, if I have a state fund or a retirement plan, I’m probably going to allocate one to three per cent to it.
O’Leary said he was going long on Bitcoin if regulations were introduced in the US. He added that if institutions jump in, the asset could rally towards $300,000.
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