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Canadian businessman and television personality Terence Thomas Kevin O’Leary, who previously referred to Bitcoin as a “digital game,” “worthless” and “a useless currency” has now changed his mind about BTC. Kevin O’Leary aka Mr. Wonderful now believes that cryptocurrencies are here to stay, and invested part of his portfolio in Bitcoin.
Kevin O’Leary Has invested 3% of His Portfolio
In an interview with CNBC, Kevin O’Leary shared his thoughts on digital currencies. He believes that digital currencies are here to stay. Talking about the volatility of these digital assets, he elaborated:
“I am fascinated. I’m investing. I’m holding a 3% weighting in it between Ethereum and Bitcoin. The volatility sickens me but I’m getting used to it.”
No less than two years back in 2019, Kevin O’Leary called bitcoin garbage and a giant nothing-burger but now thinks that Bitcoin is no longer a fad, and invested 3% on his portfolio in it.
Volatility of Bitcoin
The volatility of Bitcoin is one of the significant reasons behind giving investment a second thought. The annualized standard deviation is referred to as Bitcoin volatility that has clocked more than 200% since its inception.
Commenting on the volatility of Bitcoin, Kevin O’Leary said:
“Given the volatility of cryptocurrencies, the main decision you have to make after you decide to participate in the first place is what % of your portfolio do you allocate. For me, 5% is the maximum.”
Anthony Pompliano, the founder of Morgan Creek Digital, who convinced Kevin O’Leary to invest in BTC, responded:
“You forbid me to have 50% and you called it all ‘garbage,’ but now you think 5% is acceptable. Eventually, you will be 50% yourself.”
The Bitcoin bull is one of the reasons behind the changing mindset of investors. Kevin O’Leary is not the only one who changed his opinion on cryptocurrencies, but there are many others as well who first used to ‘hate’ digital currencies but somehow realized their potential.