Kevin O’Leary, who runs an ETF investment firm and hosts TVs investment-focused “Shark Tank” has done a 180 and is now a Bitcoin believer—and investor.
During an interview with market research firm Stansberry Research aired on March 2, O’Leary said that a target price of $100,000 per Bitcoin does not seem improbable to him anymore. He also called Bitcoin “the U.S. dollar” of crypto assets and suggested that its market cap could ultimately reach $20 trillion:
“If it became, let’s say, I don’t know, $20 trillion of value, okay? You would be basically very, very stable in my view because you would be being held by people and institutions that are holding it to hedge against inflation or just storage of value.”
O’Leary, who once said he would never invest in Bitcoin, admitted that he has both Bitcoin and Ether investments since 2017, but “not really been able to speak about it because regulators really frowned on it.”
Citing his chairmanship of O’Shares ETF Investments, O’Leary said, “I’m in a highly regulated business,” adding: “I don’t play in places where the regulator hasn’t decided what they’re going to do.”
Pointing out that several Bitcoin exchange-traded funds were given the green light by Canadian regulators last month, as well as Swedish and other regulators in the past 60 days, O’Leary said:
“Now that’s a game changer. There’s no question about it that allows institutions and individuals alike to allocate. And that’s number one on the hit parade that really moved me.”
O’Leary’s comment clearly compared Bitcoin to gold by placing it in the role of a store of value asset. This is not at all a new idea. At the end of 2020, Gemini exchange co-founder Cameron Winklevoss called Bitcoin “gold 2.0” and said that it will dethrone the shiny metal as the top store of value.