Bitcoin has managed to remain in the support position of $50K-46K during the last and present month. This augmented stability has started to increase the interest of traditional financial investors in the leading coin. As big names like Grayscale, Square Inc., MicroStrategy, JP Morgan, Goldman Sachs, Fidelity, and many more have started to embrace the crypto transition, more BTC skeptics are starting to change their perspective about the flagship cryptocurrency.
Shark Tank host and celebrity investor Kevin O’Riley is also one of the digital asset skeptics who have finally come around to the idea of blockchains and DeFi. In a recent interview with CNBC, O’Riley admitted that he is planning to put stakes in Bitcoin and expects to make sizeable profits from this investment diversification. However, he still holds some major reservations about Bitcoin and other cryptocurrencies.
The Billionaire Investor Who called Bitcoin a Big Nothing
Kevin O’Riley has been skeptical about Bitcoin and many other cryptocurrencies for the better part of their career. In his capacity as the host of the hit TV series Shark Tank, the investor has caught massive attention from the media. He and co-star Mark Cuban have both been against Bitcoin investment for a long time and kept warning investors not to put their stakes on the digital space for a long time.
O’Riley even went as far as calling Bitcoin a ‘big nothing burger’ during a YouTube interview. However, since then, both Cuban and O’Riley have changed their stance. The strongest reservations about Bitcoin, in the opinion of O’Riley, are its major mining percentage in China. In a recent interview with CNBC, he expressed his concerns visibly that the Bitcoin that is mined in China is blood Bitcoin, and he would not put his money on them.
Kevin O’Riley Buying Bitcoin but Conditionally
The recent transition of traditional investors like Mark Cuban and Kevin O’Riley is largely influenced by the cryptocurrency market touching the $2 trillion and institutional investors’ interest like PayPal and VISA in digital currency transformation. On the other hand, crypto exchanges have started to apply for public listing that would act as a contributing factor for the struggling US economy at the moment.
The issuance of a massive stimulus check has also prompted investors to diversify their investment in cryptocurrencies as a hedge against money devaluation. At the same time, the gold price keeps dwindling, prompting investors to look for better alternatives. O’Riley says that he belonged to the Bitcoin investment class that would only put money on the coins that are not mined in China.