The Canadian businessman and television personality – Kevin O’Leary – views bitcoin as a coin, currency, and software. He believes that having exposure to BTC is the same as holding positions in giant corporations such as Microsoft or Yahoo.
In addition, O’Leary predicted that BTC could surge to $300,000 once there is regulatory clarity in the industry.
Bitcoin Is Like the Big Players
Numerous celebrities have changed their stance on bitcoin over the years, and Kevin O’Leary is among that group. Back in 2019, Shark Tank’s host said the leading digital asset was “worthless” to him. He went further, labeling it as “useless currency” and “garbage because you can’t get in and out of it in large amounts.”
In February 2021, he started softening his viewpoint, saying he’s not against it and even respects the asset. Shortly after, the Canadian turned into a BTC hodler, allocating 3% of his portfolio.
Ever since his entrance into the ecosystem, Mr. Wonderful (as is his nickname) has praised the cryptocurrency’s merits. “I’m in for the long run,” he stated last summer, adding that no other digital asset has the potential to replace BTC.
Recently, O’Leary took it to Twitter to display his bullishness once again. In his view, holding bitcoin equals owning shares of the multibillion corporations Microsoft and Yahoo.
Bitcoin is not just a coin or currency, it’s a software. Institutions like to criticize me for investing in Bitcoin, but how I see it, if you hold big positions in companies like Microsoft or Yahoo, it’s all the same.
— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) February 20, 2022
Comparing bitcoin to tech giants is not something new. Last year, the founder of SkyBridge Capital – Anthony Scaramucci – said the asset reminds him of Facebook, Google, and Amazon. Last week, Fidelity’s Director of Global Macro – Jurrien Timmer – opined that BTC’s growth looks similar to Apple’s rise in the 90s.
Bitcoin to Hit $300K?
In a separate interview for Stansberry Research, O’Leary forecasted that BTC’s price could reach $300,000 in the next three years. This will happen once American watchdogs apply comprehensive rules in the cryptocurrency space and thus enable more institutions to hop on the bandwagon:
“At some point in the next two to three years, the US regulator is going to make a statement about cryptocurrencies. Once that happens, if I have a state fund or a retirement plan, I’m probably going to allocate one to three percent to it.
And I want to go long on bitcoin when that happens. Bitcoin could go to $300,000 when institutions can finally buy it.”