Shark Tank's Kevin O'Leary didn't pull punches when he came calling bitcoin's name in the media, publicly deriding the cryptocurrency after a real estate deal he participated in using bitcoin failed. Crypto Globe said that this led to O'Leary devaluing bitcoin, even going so far as labeling the cryptocurrency "garbage."
He went farther by saying that the cryptocurrency, in its flagship system, is basically a "useless currency." He clarified this as when trying to buy a property that costs a large amount of money, the person who received the funds is looking for "guarantee of its value." He added that it was garbage for the very reason that cryptocurrency cannot be received and given in large amounts.
The poor experience came when he tried to buy real estate in Switzerland using bitcoin. However, the transaction was largely unsuccessful; he tried buying in bitcoin, but the other party wanted some assurance that the value of the price "comes back to the U.S. currency." This, in his mind, could make the person buying property pay a large amount due to the volatility of the cryptocurrency's value.
This, however, doesn't mean that he didn't think there wasn't any value in bitcoin. As reported by Ethereum World News, the multi-millionaire had said in 2013 that he had a "cautiously optimistic" view of the cryptocurrency. O'Leary was spotted saying this on Canadian news outlet CBC during a segment, where he spoke about bitcoin.
The three-minute segment showed O'Leary saying that bitcoin was a "bet" against established institutions like banks. He was also adamant in his opinion that the cryptocurrency was "here to stay." Back then, bitcoin was sliding down 60% in a single day, which also validated his current opinion that there is danger in the cryptocurrency's volatility. But the statements also showed bitcoin as anything but "garbage."
In another showing of confidence in bitcoin, Mark Mobius, legendary investor, has also put his faith in the cryptocurrency. On a podcast, the Mobius Capital Partners LLP founder had said that bitcoin is built to stay. He lauded the ability of bitcoin to be transferred easily and confidentially, saying that this--among other reasons--helped bitcoin's survival as a currency.
The investor had claimed to put in $100 in Bitcoin only to lose 70%. However, it was cited that he must've gone in during bitcoin's strong push, up until it fell prey to a "bear market." Bitcoin has been showing a different face today, with the cryptocurrency showing shades of a bull run. Perhaps, it could somehow prove Kevin O'Leary wrong with a strong run.
