Bitcoin is essentially a "digital game" and is "worthless," "Shark Tank" investor Kevin O'Leary told CNBC on Tuesday.earlier in the day before giving up some of its gains."To me, it's garbage because you can't get in and out of it in large amounts."He ran into this when he tried to use"Let's say you want to buy a piece of real estate for $10 million in Switzerland," said O'Leary, known as "Mr. Wonderful.
"They want a guarantee that the value comes back to the U.S. currency," he added. "You have to somehow hedge the risk of bitcoin. That means it's not a real currency. That means the receiver is not willing to take the risk of the volatility it has. It's worthless." Bitcoin has been on a tear since the start of the year, with its value increasing more than 120%. On Tuesday morning, the cryptocurrency topped $8,325, according to data posted on the website CoinDesk.
The rally, however, doesn't come close to bitcoin's run in late 2017, when it hit all-time highs of around $20,000. O'Leary isn't a believer in any cryptocurrency. He said he invested in the space as part of a challenge when he taught a class at Harvard University 18 months ago."People should understand today the hot digital is bitcoin," O'Leary added. "Tomorrow it could be whatever."Disclosure: CNBC owns the exclusive off-network cable rights to ABC's "Shark Tank."
i like kevinolearytv when i want to be entertained but is putting $100 into bitcoin and looking at its value some months later to decide whether it's garbage really what we're teaching kids at Harvard? dollar. cost. averaging.
“Money” based on... nothing.
So he basically bought the blowoff top of a parabolic uptrend and his nickname is “Mr. Wonderful”?
Long Pomp APompliano Short Mr. Wonderful! $BTC
Worst that is like 'digital game'is that its really worthless and its hiting back from Asia with hate............
Mr. Hypocrite!
what happen bitcoin backed or buy with gold. and have franchises exchanger throughout the world.? better than credit card... hmmmm..
I love smackdown news. Don’t go changin in CNBC 😉
How exactly was this a takedown? He said nothing of substance and just said it is garage. APompliano came with facts and knowledge.
Just add his name to the list of old bald white dudes who don’t get BTC - Sherman Stiglitz Buffet Munger and now Oleary kevinolearytv
HE IS RIGHT 100%. THERE IS NO INTERNATIONAL BANK OR LEGIT GOVT. IS WILLING TO BACK THEM UP. SO HOW ANYBODY CAN TRUST THEM ?
The world day by day experience blue
So buy?
Those who are of the older generation are most often not open to disruptions. With or without them, BTC is here to stay.
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Source: CNBC - 🏆 12. / 72 Read more »