I think politicians have figured out that blockchain, and blockchain derivatives, and centralized and decentralized finance in aggregate as an industry have a lot of potential in terms of productivity for the economy.
In a post-bitcoin conference 2022 interview, Kevin O’Leary, aka Mr. Wonderful, sat down with Kitco News to discuss numerous topics. Of course, O’Leary went in depth about his five vectors of regulation, but he also talked about what types of fear, uncertainty, and doubt concern and don’t concern him in regards to crypto, and, surprisingly, there’s not much that concerns him at the moment.
Institutions might not come? Not concerned. Bitcoin being banned? We’re past that. Bitcoin going to zero? Not going to happen. The only thing that concerns Mr. Wonderful is ESG, but besides that, O’Leary is super bullish on bitcoin for a multitude of reasons. Before we listen to Kevin, make sure to hit the subscribe button and stay till the end as we give you an update on the market conditions and current news.
‘For me, um, I think we can rule out that crypto as an industry is going to be banned in the United States. Okay, I think we’re safe now. We’ve landed. Bitcoin’s never going to zero. It’s my personal opinion. That’s not going to happen. There are enough people around the world that see it as a store of value. I include it as a 5% wait in my portfolio, just like gold did. The whole key to this is diversification. I said 5% waiting, that’s a full allocation into one asset, bitcoin, but I also own a theory, my own salon, I know HBAR, I’ve got, uh, polygon, just a lot of… I bought a big piece of that private placement, and I’ve gone into an avalanche. I mean, there are so many different it’s all software, it’s all software, and if I’m buying Google and Microsoft, why am I not buying these software ideas? I am, but now I have confidence in listening to the regulators that they’re not going to make it illegal.
Let’s say you’re a rogue agent and you’re going to acquire a super computer to hack crypto. If you’re trying to make money, it would actually be better to mine bitcoin with that super computer and get awarded coins faster than everybody else. That would make you more money than trying to hack everybody’s accounts because it’s going to be really hard in terms of how much computing power you’re going to need to do it. Meanwhile, why not use it to mine bitcoin or anything else for that matter, and so until it’s more interesting to hack with power you’re going to. Most of that computing power is going to be used to just make more crypto, and so that why I’m not a big believer in Dr. No sitting under an island hacking all the bitcoin.
I don’t think you should. It dismisses security concerns. Everybody that gets involved in crypto loses their first wallet. That’s my theory. It happened to me too, and you don’t like to talk about it. I’m open about it. I lost $52,000 the first time I doubbled. What happened was that somebody hacked, you know, my key, my passphrase, and I watched it being removed from my account. Very painful. I’ve kept those addresses for one day. Maybe I’ll get them back. You know, obviously not, but I learned how to avoid that happening again because now I have millions at stake, so I’m much more concerned about security.
Listen, to me Bitcoin miners are going to be a solution to this, but everything you talked about is a concern. You should never rule anything out as an investor, which is why you should have diversification. I’m maxed out on krypton. I’m 20% of the operating companies’ pound balance sheets. I can’t own any more than this according to our own mandate, but I’m very happy to have that much because it’s the most interesting sector I’m involved in and when we meet again here in 12 months, we’ll find these innovations. What we’re going to see, I think, is some policy probably on stable coins that is going to blow that sector wide open.’
What do you think of Kevin’s bullish remarks here? Leave a comment.
A quick update on the market.
- The crypto charts are filled with red as bitcoin plunged below the $40,000 resistance level, trading at $39,500 at the time of writing.
- Bitcoin’s price has downed 5.6% in the last 24 hours and downed 15% in the last seven days. The gains from the March 28 price of $48,000 have been erased.
- Ethereum performed a tad bit worse, trading at $2,974, which is down 5.5% in the last 24 hours and down 15.5%. Analysts believe the US Federal Reserve’s balance sheet reductions are adding pressure to stocks and risk assets, with bitcoin standing to lose appeal.
- The markets overall are down, according to the S&P 500 index of 500 top publicly traded companies in the U.S. closed down 1.7%. But DJIA ended Monday 1.2% lower, and the tech-heavy NASDAQ lost a full 2.2% of its value.
- In the crypto market, Solana has showed the largest loss in the last 24 hours, down 9.3% and currently trading at $99. In the last seven days, Terra shows the largest loss, down 28% trading at $81.89.
That’s all we have for today. If you’ve got value from the content, please hit the Like button as that greatly helps the channel. Don’t forget to subscribe and if you want to watch more of Kevin, check out this video here.