Monday Breaking News: Former Crypto Skeptic Billionaire Now Holds 20% Crypto in Investment Portfolio
Kevin O’Leary, Canadian venture capitalist and the star of the business idea pitching show Shark Tank, recently revealed that he has increased the share of crypto investments to 20% of his entire investment portfolio.
Speaking with Squawk Box, a show segment on CNBC, O’Leary spoke on his current views on cryptocurrencies.
“Bitcoin is not a coin, it’s simply software … Ethereum is software. HBAR is software. If you own Microsoft, if you own Google, why don’t you own Bitcoin? It’s all software… 20% of my portfolio is now in cryptocurrencies and blockchain.”
The comparison to software companies may be slightly inaccurate, as it is hard to draw parallels between the growth rates of cryptocurrencies versus the share prices of software development companies. However, it is true that both represent the future of the economy, which is constant technological innovation.
O’Leary, less than 3 years ago, declared Bitcoin as “garbage.” In March last year, he already retracted such opinion, conceding that 3% of his portfolio consisted of Bitcoin. Just 1 year later, he has dramatically increased the share of cryptocurrencies to 20%, echoing the hype around NFTs and the metaverse that took the world by storm in 2021.
Now, O’Leary is a proponent for cryptocurrencies, stating that the smartest minds of the world are behind the works these companies are putting in:
“You don’t know who’s going to win. Is Ethereum going to win? Is Solana going to win? Is it Helium? Is it Avalanche? I own them all, and luckily they’re just software developer teams, you go meet these people and you find out they are in their twenties, they’re the smartest engineers in the world. If you graduate from MIT right now, you don’t want to work at an old industrial company. You want to go to a blockchain company. So, we should support this initiative…”
Certainly, the future of blockchain and crypto is bright, as the best minds in the world are being incentivized to bring innovation through the Web 3.0 platforms.