- Kevin O 'Leary remains ultrabullish on digital assets and want regulators to recognize it as a class of institutional assets.
- If this happens, the famous investor will see trillion dollars entering the crypto market.
In a major reveal, famed Shark Tank investor Kevin O 'Leary said that he would double his holdings in cryptography. by the end of the year. Currently, O 'Leary's wallet is 3% exposed to cryptocurrencies. The famous investor plans to increase this figure to 7% by the end of the year.
"I want to increase my exposure to crypto - currently at 3% - at 7% by the end of the year, "he said. said in an interview with "Capital Connection Monday. However, O 'Leary is anxiously awaiting the US authorities to take a decision.ion on cryptocurrencies.
The investor also believes that if cryptocurrency becomes a legitimate asset class, "trillions of dollars" can flow into the crypto market. . O 'Leary said he is certainly more optimistic about digital assets and wants to allocate more capital f from his personal portfolio. However, he is not ready to go against regulators.
O 'Leary thinks US regulators can recognize cryptocurrencies as a class of institutional assets. But he doesn't know yet when that will happen. Additionally, the popular investor noted that unlike the traditional asset class, the infrastructure for crypto is lacking.
Unlock Trillion Dollar Opportunity
O 'Leary said that once regulators approvedwould finally be digital assets as a class of institutional assets, there will be "trillions of dollars in interest pending membership.
The Shark Investor Tank is a bit bullish about the arrival of Bitcoin exchange-traded funds (ETFs). Additionally, if regulators treat BTC as an asset class, O 'Leary expects the flood of another trillion dollars to come to Bitcoin. "It's not going to go away, it's the new asset class, " he said.
While O 'Leary certainly seems very bullish on Bitcoin, he has not always been so positive. In 2019, O’Leary called cryptocurrencies "garbage." Bitcoin is essentially a "numeric name " and its "worthless," he added.
It seems O 'Leary changed his mind after he seen the massive rally in crypto over the past year. In addition, amid all the current economic uncertainty, theInstitutional players have accelerated the adoption of Bitcoin.
We have seen significant institutional flows arriving to Bitcoin and the wider crypto space over the past year. Several mainstream institutions have also sought exposure to crypto assets recently. This includes hedge funds, pension funds, etc.
DBS Bank of Singapore confirms demand for crypto
In the latest development, senior executives at DBS Bank of Singapore confirmed the continued interest of investors in crypto trading. The banking giant announced its own DBS Digital Exchange last year in December 2020.
The exchange currently supports trading of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Bitcoin Cash (BCH).