Shark Tank’s Kevin O’Leary invests in Stablecoins, Advocates for Crypto

Kevin O’Leary, AKA “Mr. Wonderful”, is a world-renowned businessman recognized mainly for his involvement with the popular TV show, Shark Tank. O’Leary has spent years on the program looking for new projects and businesses to invest in and is often the most critical “Shark” on the show.

Nowadays he has been putting more of his money into crypto and has even proclaimed his plans to increase his allocations to 20%. Previously, he was a skeptic of Bitcoin; he has since made the switch and now advocates for it as it is over 10% of his investment portfolio.

O’Leary mainly focuses on the U.S. dollar-pegged stablecoins as he believes they are an effective hedge against inflation.

”When inflation is 6%, your buying power 12 months from now is 6% less. And that’s a lot. […] I’m a huge advocate for solving this problem with stablecoin,” said O’Leary.

“With my own compliance department, they’re considering stablecoins as an equity, no different than a stock,” he said.

According to Mr. Wonderful, his excitement around stablecoins is shared by several investors that are waiting for the decisions of regulators. He has said that these investors are “working on it quietly in the background.”

Additionally, he has invested in BTC, ETH, and other cryptocurrencies. Although due to the volatile nature of these coins they are unlikely to make up a large portion of his portfolio.

“You’re not going to get there to a 20%, 30% in Bitcoin in an institutional or sovereign mandate, you’re just not. Stablecoins have that potential,” he explained.

Source: CoinTelegraph