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Kevin O'Leary referenced investor Dan Loebâs "deep dive" into crypto in his decision to more fully invest in Bitcoin.
Businessman Kevin O'Leary, who appears on the reality TV show Shark Tank and once called Bitcoin a âgiant nothing burger,â has now joined the laser eye community.
In a tweet yesterday, O'Leary said he would be allocating 3% of his portfolio to Bitcoin (BTC) and looking into investing in sustainable crypto mining. He said his investment in the latter would be aimed to avoid âblood coinsâ â a reference to unethically mined diamonds â and âunder a mandate of 0 carbon.â Both O'Learyâs Instagram and Twitter profile pictures now show the Shark Tank star with the laser eyes associated with those keen on crypto.
O'Learyâs about-face on BTC seems to have been at least partially influenced by Dan Loeb, CEO of New York-based asset management firm Third Point and a well-known figure on Wall Street. Yesterday, Loeb said he would be "doing a deep dive into crypto" and look into ways to bridge the gap between traditional finance and digital assets.
âEvery operating company I'm an investor in is having their Daniel Loeb âmomentâ regarding putting Bitcoin on their balance sheet,â said OâLeary. âChanges in the regulatory environment have changed my mind about participating.â
Loebâs potential inclusion in the crypto space as a Wall Street figure had some speculating he could pave the way for other major investors still hesitant about the technology and what it means for traditional finance. For an investor like OâLeary, with an estimated net worth of more than $400 million, this could be particularly profitable.
The Shark Tank star has said he already owned some BTC and would consider investing more, but he did not seem particularly bullish on crypto as recently as January. He previously referred to digital assets as âcrypto crapâ and specifically called Bitcoin ânot a real currencyâ and a âgiant nothing burgerâ in terms of its value as an asset.
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