Shark Tank star Kevin O’Leary, also known as Mr. Wonderful, says “Bitcoin will always be gold” and outperforms other cryptocurrencies like Ethereum in the long run. He said “there are interests brought out of all kinds of institutions” for Bitcoin.
Kevin O’Leary Bullish on Bitcoin
Kevin O’Leary shared his thoughts on Bitcoin and Ether in an interview with CNBC on Wednesday. While O’Leary acknowledged that Aether has been performing well lately, he insisted:
Bitcoin will always be the gold.
The chairman of O’Shares ETFs added that “Ethereum will always be the silver” but stressed that “this is not necessarily a bad thing.” He did not mention any other cryptocurrencies by name.
While the Shark Tank star notes that Ethereum has potential advantages in moving to a new model, it believes Ethereum will be primarily “used as a form of tracking and payment system”. However, O’Leary pointed out that Ethereum 2.0 has the potential to be “far more environmentally friendly in terms of the energy it takes to create it.” Even so, he insisted that it will never overtake Bitcoin. “Will it ever need Bitcoin? No, ”he confirmed.
O’Leary announced in February that he had allocated 3% of his portfolio to Bitcoin after Canadian regulators approved Bitcoin Exchange Traded Funds (ETFs). He stated that Bitcoin proponents see the cryptocurrency as digital gold and a hedge against inflation, which will improve over time.
Mr. Wonderful explained:
Now Bitcoin, which hits new highs almost every week, proves that interests of all kinds are being generated by institutions that are now trying to figure out: is it a currency? Is it an asset? Is a property? … This gives you an idea of the institutional and individual interest.
Earlier this month, O’Leary said he was only interested in buying “clean” bitcoins that are sustainably mined in countries that use clean energy, not “blood coins” from China.
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