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Shark Tank's Kevin O'Leary Suggests Bitcoin's Market Cap Could Reach $20 Trillion

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Wed, 03/03/2021 - 06:25
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Alex Dovbnya
$100,000 per Bitcoin doesn't seem too crazy to Mr. Wonderful anymore now that he owns the top cryptocurrency
Shark Tank's Kevin O'Leary Suggests Bitcoin's Market Cap Could Reach $20 Trillion
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Shark Tank star Kevin O'Leary has recently made a U-turn on Bitcoin by investing three percent of his net worth into the top cryptocurrency. 

In a recent interview with Stansberry Research, the Canadian investor mentions that $100,000 per Bitcoin doesn’t seem too crazy to him anymore, calling it “the U.S. dollar” of cryptocurrencies. 

He also suggests that the market cap of the flagship coin could ultimately reach $20 trillion:

If it became, let’s say, I don’t know, $20 trillion of value, okay? You would be basically very very stable in my view because you would be being held by people and institutions that are holding it for, again, to hedge against inflation or just storage of value.

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“Virgin” coins

The newfound is being very picky about what coins actually end up in his stash. O'Leary says that he wants to steer clear of Bitcoin mined in China.  

I have the same issue with Bitcoin. I do not want to own Bitcoins minded in China...because I’m very unhappy with my relationship with the Chinese government regarding my investments there, so I choose not to invest in it.

O'Leary also mentions that he doesn’t want to touch Bitcoins that have a bad provenance, i.e., “blood” coins.

Mr. Wonderful claims that “the most important thing” is to mine Bitcoin himself:

No one can say to me that you basically mined and found it from somewhere where they were wasting energy or they were not carbon neutral, or they came from a country that’s under sanction. This is a big deal for me, and plenty of other shareholders too.

The multimillionaire states that he’s going to mine Bitcoin in places like Iceland, Canada, and Denmark that prioritize green energy:

I think that my plan is one that anybody would do when they care about the environment.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.