If you are familiar with the popular US business reality show, Shark Tank, then you must know Kevin O’Leary and his influence in the business world. Recently in an interview with CNBC, Kevin launched a public diatribe against Bitcoin, completely negating its worth.
For those of you who are unaware of his existence, O’Leary is the founder of SoftKey, a company that Owler estimates to have an annual revenue of $29 million.
As CNBC published on May 14, O’Leary allegedly called Bitcoin a garbage investment, and denied seeing any value in the cryptocurrency.
According to O’Leary, the reason he feels that Bitcoin is a useless currency is because of its dynamic volatility. He said that people accepting it want to hedge against its volatility. He said:
“But everyone says, yes, you can. But, what happens is the receiver wants some guarantee. Let’s say you want to buy a piece of real estate for $10 million in Switzerland. […] They want a guarantee that the value comes back to you as currency at ten, you have to somehow hedge the risk of bitcoin. That means it’s not a real currency.”
He feels that there is a lot of risk attached to the concept of cryptocurrency and “that the receiver is not willing to take the risk of the volatility it has.” It is a legit concern for many of BTC’s well known critiques, and has been used to justify attacks against crypto on numerous occasions.
His experience with BTC in Switzerland has made him a firm believer in the worthlessness of the cryptocurrency. Primarily because of its volatility, he maintains that BTC is pretty useless to him.
Bitcoin is currently doing exceedingly well and for the first time since July 2018, it has broken the ceiling of $8,000.
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