However, Kevin O'Leary says regulatory uncertainty is holding other high net worth individuals back.
Shark Tank investor Kevin O’Leary has revealed that he plans to double his crypto investments by the end of this year.
Speaking to CNBC, the multimillionaire revealed that 3% of his portfolio is currently tied up in digital assets, but he wants to increase this to 7% within months.
O’Leary’s opinion of crypto certainly has changed in recent months. As recently as May 2019, he was describing Bitcoin as “garbage.” Then again, BTC was only worth about $8,000 back then.
During the interview, O’Leary also hit on something that may be preventing other high net worth individuals from exploring how cryptocurrencies work: A lack of regulatory uncertainty. He told the news channel:
“I don’t want to get involved in crypto if the regulator says it’s not okay. I can’t afford to be offside, I cannot afford to be non-compliant.”
O’Leary added that, when crypto finally gets recognition as an institutional asset class, he thinks there will be “trillions of dollars of interest waiting to come on board.”
The first step in this journey would involve approving a Bitcoin-based exchange traded fund, he said.
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A Small Recovery
As of Tuesday lunchtime in the U.K., there are small signs of recovery in crypto prices on a 24-hour timeframe, but double-digit losses have persevered over a seven-day period.
Bitcoin is currently up 2.75% — narrowly managing to return above $46,000. Meanwhile, Ether is sitting at $3,328 after a 2.76% rise over the past 24 hours.
Two bright spots in the 10 biggest cryptocurrencies can be found in Solana and Polkadot. The so-called “Ethereum killers” are up 4.41% and 7.27% respectively.
DOT also appears to be the only altcoin that has managed to shrug off the bearish turn that’s been seen in recent days, with its value rising by 12.04% over the past week.
