Bitcoin in 2020 has finally drawn institutional investors with serious fortune and capital to toss around. And that’s exactly why the leading cryptocurrency is trading well above its previous high of 2017.
But why then does one of the “most wonderful” investors in the world and the TV show “Shark” claim that crypto is “not an institutional product” based on the purchase of the emerging assets made at the time?
Kevin O’Leary: Crypto is completely irrelevant to institutions
The biggest narrative that fueled Bitcoin’s bull run in 2020 was the sudden interest of institutional investors in ultimately viewing cryptocurrency as a store of value and a means of protecting against inflation.
However, these applications are still developing. However, the potential of the asset suggests that it could lead to either a catastrophic failure or a complete disruption of the current financial system.
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For whatever reason, for the first time in the asset’s history, well-known financiers are talking about Bitcoin, buying BTC, and explaining to others why they should do the same.
However, Mr. Wonderful himself, Kevin O’Leary, known for his role in television’s shark tank or in the financial world for his investments, says that crypto – including Bitcoin – is “not an institutional product”.
The institutions were behind Bitcoin’s recent uptrend Source: BTCUSD on TradingView.com
Shark Tank Star admits that Bitcoin might be different, swimming with peers calls it bananas
When Shark Tank star Kevin O’Leary joined Bitcoin mouthpiece Anthony Pompliano on his podcast weeks ago, he had started to warm up to the top crypto. However, he says he has long been a “Kryptonian” since 2017.
At that time, he was buying a variety of Bitcoin, Ethereum, XRP, and other coins that were available for “fun” at the time. He only spent $ 100, which is now worth about half of what he originally invested.
Using the example, he admits that Bitcoin may be different, but the cryptocurrency is “insignificant” for the larger financial market and institutional crowd.
Related reading | Bananas! Billionaire Shark Mark Cuban calls Bitcoin more religion than solution
He warns that the institutions don’t want to be caught with their pants down because of possible regulation, or worse, more and more money is piling up and when the government finally pulls the carpet, the class action lawsuit will become the “mother of all” outcome.
For these reasons he is “out” on Bitcoin. O’Leary isn’t the only Shark Tank investor who is skeptical about crypto. Mark Cuban claims he would rather have bananas than Bitcoin. That potentially leaves a few sharks “in” – which is the next one in the tank to bite Bitcoin?
Featured image from deposit photos, charts from TradingView.com