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Kevin O’Leary says he wants to more than double his crypto holdings to 7%

Celebrity investor Kevin O’Leary He says he wants to at least double his crypto holdings by the end of 2021 and predicts that “trillions of dollars” could be poured into the market if crypto becomes a new asset class. I am.

“Shark Tank” investors I used to say that Bitcoin is “garbage” But he later changed his mind.

O’Leary, chairman of the O’Shares ETF, said he is bullish on cryptocurrencies and wants to allocate more to his personal portfolio.

“I want to increase my crypto exposure from 3% to 7% by the end of the year,” he said. “Capital Connection” on Monday.

But he said investors want US authorities to make decisions about cryptocurrency regulation.

“If regulators say it’s not okay, I don’t want to get involved in cryptography,” he said. “I can’t afford to be offside. I can’t afford to be non-compliant.”

The US government is developing regulations on cryptocurrencies. More countries will legalize Bitcoin. last week, El Salvador has become the first country in the world to adopt Bitcoin as legal tender.

This never goes away. This is a new asset class.

Kevin O’Leary

Chairman of O’Shares ETF

O’Leary said he expects regulators to recognize cryptocurrencies as an institutional asset class, but it’s unclear when that will happen. He added that the infrastructure for compliance is also lacking compared to systems for traditional assets.

But he predicts that when regulators finally approve cryptocurrencies as an institutional asset class, they are “waiting for trillions of dollars of interest.”

Especially for Bitcoin, if regulators allowed financial services companies to treat it as an asset and approve Bitcoin-based listed investment trusts in the United States, he would buy cryptocurrencies “an additional $ 1 trillion worth of purchases.” I think there is.

“It’s never gone. It’s a new asset class,” he said.

There is a shortage of airlines

O’Leary also said he was betting on airlines because “business trips are irreversible” before the pandemic occurs.

“I think the airline’s business trips are terrible. I’m making money by shorting airlines,” he said, citing investors borrowing shares from brokers and selling them, which is cheaper. You can buy them back for the price.

“I’m not that I don’t like airlines, but I think they’re doing a really bad business.”

Airlines have been hit by border closures and travel bans since last year, when Covid first attacked. They have endured uncertainty as the virus has proliferated and declined in different parts of the world.

“These are bad, bad, bad businesses. It’s not just the pandemic, because people don’t have to fly.“” He said.

— CNBC’s MacKenzie Sigalos and Arjun Kharpal contributed to this report.

Kevin O’Leary says he wants to more than double his crypto holdings to 7%

Source link Kevin O’Leary says he wants to more than double his crypto holdings to 7%

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