Shark Tanks Kevin OLeary Exploring Several Altcoin Projects, Says Bitcoin Is the US Dollar of Crypto

Sunday 07 March 2021, 3:34 AM AEST - 1 month ago

Veteran investor and Shark Tank star Kevin OLeary says he is looking beyond just buying and holding Bitcoin.

In a new interview with Stansberry research, OLeary says that he is exploring various decentralized finance (DeFi) projects that can generate passive income. Among the altcoins he is considering deploying in yield farming is the stablecoin DAI.

Im interested in actually interest yield using DAI… you know against the Bitcoin loan. Its all kinds of different strategies.

The TV personality says his recent embrace of Bitcoin is based on his belief that the flagship crypto asset will become the reserve currency of the crypto world.

I look at Bitcoin and say to myself, that is going to be the US dollar of cryptos. It has established itself all around the world, its the largest market cap, its just under a trillion dollars, it will always be the leader in my view.

The chairman of exchange-traded funds (ETF) issuer OShares Investments predicts that Bitcoins volatility will lessen as more money is poured into it.

… If it became lets say, I dont know, $20 trillion of value, okay, which you would be basically very very stable in my view. Because you would be being held by people and institutions that are holding it as a hedge against inflation or just storage of value.

OLeary, adds that he has come to peace with Bitcoins wild swings and is comfortable with the percentage he has allocated to the flagship crypto asset.

I have come to peace with the volatility. I can deal with it now. A 3% weighting is not aggressive. And yet it will capture upside should it work.

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