As June 2022 comes to a close, people everywhere are beginning to panic at the low price of Bitcoin. While Bitcoin still hasn’t reached historic lows, the fact that it is below $30,000 is concerning to someone investors.
But suddenly, Kevin O’Leary, most famous for his position on ABC’s show Shark Tank as an angel investor is interested in the future of Bitcoin. This is especially interesting as he was previously against the famous cryptocurrency.
Read on to learn more about Kevin O’Leary and his thoughts on where Bitcoin will go next.
Who is Kevin O’Leary?
Kevin O’Leary is sometimes called Mr. Wonderful and is well known for his role on ABC’s Shark Tank. Unlike many of the other investors who are frequently switched out, O’Leary is featured on almost every episode. He is known for his shrewd, low ball deals that often include a royalty as he doesn’t have strong beliefs in many of the products which make their way into the Shark Tank.
Born in July 1954 in Montreal, Canada, to immigrants, Kevin and his brother learned early on the value of hard work. Things got even more difficult for the family when his father died of alcoholism when he was just 7 years old. Kevin’s mother then took over the family business.
Kevin learned about investing early on as his mother would invest one third of her income each week, without telling anyone else in the family (not even her husband). The only reason O’Leary even found out is because when her will was executed, many of the accounts were left to him and his brother.
Beyond his family life, Kevin O’Leary has been known as a shrewd businessman for many years. He started out working for Nabisco, and later held a career as a television producer before he started his own software company in 1986 and began creating his own technology empire.
Kevin O’Leary and Bitcoin
Historically, Kevin O’Leary was against cryptocurrency, instead preferring to keep his money in more tangible assets. All of this changed in February 2021 when the investor announced he had begun to get invested in cryptocurrency. He took this a step further in March 2022, when he announced that one fifth of his portfolio was now in cryptocurrency assets.
Just a couple of months ago, Kevin O’Leary took to the air again to reassure people that Bitcoin will never go to zero. He believes, that no matter how low the coin may fall, it will never get to zero as there are simply too many people who invest in it around the world. And he isn’t wrong, as recently the entire country of El Salvador made Bitcoin their second legal currency.
Although you would assume his opinion would have changed, as Bitcoin has fallen even more since the interview, O’Leary reassured people he still believes strongly in cryptocurrency. He even suggests that passing legislation on cryptocurrency in the United States will make the market a “wall of money.”
To date, Kevin O’Leary owns Bitcoin, Ethereum, Solana, Polygon, HBAR, and MATIC. He also speaks positively about stablecoins as he believes, due to the massive inflation, if the US dollar wishes to stay the world pegged currency, then will need to make stablecoins legal.
For now, while he waits for the regulations to be passed, he is busy buying more Bitcoin while the price is relatively low.
How Does Kevin O’Leary Suggest Investing in Bitcoin?
Of course while Kevin O’Leary does advise others to invest, he also recognizes that there are many scams in the market. Below is his guide to investing in Bitcoin.
Step 1: Research
Never ever buy a cryptocurrency project you haven’t researched. The same goes for any stock on the stock market. You should know who is selling something and why, and the purpose of the technology. This step alone can save you from several scams.
Step 2: Know How You Will Buy Crypto
One of the biggest aspects of getting involved in the cryptocurrency world is knowing how you will purchase your coins. Kevin recommends checking out multiple exchange platforms before you sign up for one. Also check out the different types of wallets as well as do some research on the DEFI versus the CEFI world.
Step 3: Know How You Will Own Your Crypto
Believe it or not there are several different ways to own cryptocurrency. Are you going to buy it and simply wait for the price to increase? Or are you going to invest it in a program that will turn your Bitcoin into more Bitcoin? Decide this and research these platforms before you buy.
Step 4: Don’t Stop Researching
Even after you buy your cryptocurrency and put it in your planned account you should never stop researching the space. It is always changing and there are many ways you can move your cryptocurrency around to make more cryptocurrency. But none of this is possible with plenty of continued research in the space.
Kevin O’Leary believes if you follow all of this advice you too can be successful in the cryptocurrency world. Just remember that any investment is risky and to never invest any money you don’t intend to lose.
Are Bitcoin Regulations Coming?
Kevin O’Leary’s prediction of a “wall of money” is much dependent on the US government making regulations to govern the cryptocurrency world. While it is correct that the US government is working on regulations, there is no way to say whether or not they will make the cryptocurrency world safer.
First of all, the cryptocurrency world is decentralized, meaning even if the US government makes regulations, there’s no guarantee they will be able to control anything. Secondly, many cryptocurrencies are completely borderless, meaning they have offices all over the world. Paxos (an altcoin) alone has offices in Singapore, London, and New York just to name a few—so would the laws apply since most of the business isn’t done on American soil? It’s hard to say.