Kevin O’Leary reveals that crypto accounts for 20% of his portfolio
Kevin O’Leary, a venture entrepreneur, has disclosed that his Bitcoin and other cryptocurrency holdings amount to 20% of his investment portfolio.
O’Leary compared owning Bitcoin to utilising goods from large technology firms such as Google and Microsoft (NASDAQ: MSFT), adding that they are all software.
He also said that he has altered his stance on digital currencies, transforming himself into an evangelist for the industry.
While promoting cryptocurrencies, O’Leary urged the US to help the industry in order to catch up to nations like Canada. He emphasised the need of establishing relevant policies.
“I am in possession of millions of dollars. 20% of my wealth is currently invested in cryptocurrencies and blockchain technology. As such, we should support this endeavour and serve as policy leaders. Because the world is now waiting. We are so far behind in terms of policy for this business that will dominate financial services globally. “We need to get rolling,” O’Leary said.
In December 2021, the famous Shark Tank announced that he had 10% of his portfolio in cryptocurrency before revealing plans to increase his position.
Previously, O’Leary said that the absence of a clear regulatory framework prevents him from completely entering into cryptocurrency. He said that if the atmosphere is favourable, he would convert significant cash holdings to stablecoins.
Consumer protection, financial stability, illegal activity, US competitiveness, financial inclusion, and responsible innovation will all be addressed in the executive order.
Simultaneously, Wyoming Republican Senator Cynthia Lummis is drafting legislation outlining how cryptocurrencies may be integrated into the existing financial system. Although the crypto advocate could not provide a date, she indicated the legislation is nearing completion.
Interestingly, as Finbold observed, Jan van Eck, the CEO of global investment management company VanEck, cautioned that politicians’ participation in crypto legislation might upset the market by building additional hurdles.