Kevin O’Leary of “Shark Tank” fame is in the news again for doing nothing other than bashing bitcoin for the umpteenth time. It just goes to show you that no matter how well bitcoin does, there are many doubters out there that will likely continue to spew angry or negative words towards what appears to be a growing store of value.
Kevin O’Leary: Bitcoin Is a “Nothing Burger”
Bitcoin is presently trading for well over $36,000. This is more than five times its size in January 2020. Nothing could have prepared the world for this level of expansion in just 12 short months. Typically, an asset that engages in that kind of activity warrants respect, but not for O’Leary. In a recent interview, he refers to bitcoin as a “nothing burger” and says that nothing exists to justify BTC investments.
I look at the asset value of bitcoin versus the asset value of all things traded and bitcoin is still a nothing burger. A giant nothing burger. You don’t have every institution willing to play ball with it.
2020 – as stated before – was clearly the year of the institution for bitcoin. It was a time when large-scale, professional corporations offered their support for the world’s number one digital currency by market cap publicly, and many entities – from MicroStrategy, MassMutual and Stone Ridge – began investing hundreds of millions of dollars into the asset.
But this isn’t enough to convince O’Leary. To be fair, his discussion of not every institution getting involved does make sense. After all, it’s not like every institution out there is pledging support for crypto at the time of writing, but the fact that so many have, and that bitcoin is getting so much attention and love from the companies mentioned above is something he’s likely ignoring.
In addition, he comments that it’s rather difficult to buy large amounts of bitcoin, and that regulation is all over the place when it comes to crypto. He states:
If I want to buy a million dollars’ worth of bitcoin right now, I’ve got to do a fair amount of work to pull that off. I can’t get consistency with any single regulator on endorsing bitcoin for me to actually do a significant transaction.
Regulation Is the Key
Despite what appear to be rather negative ideas towards the asset, he did mention that should crypto ever become fully regulated, the digital asset space could wind up becoming a solid trading arena for most investors and financial players across the globe. He mentions:
Then you would have something of tremendous value. That is a vision that’s really attractive versus this tiny little thing.
However, he mentions that at some time in the future, a “regulatory crackdown” is likely to occur for BTC and cryptocurrency in general, and he thinks this will cause serious problems for present traders.