Kevin O’Leary on why he won’t invest in bitcoin: It’s a ‘giant nothing-burger’

SourceCNBC
SectorFinancial Markets
CountryMiddle east

After bitcoin hit a record high of over $41,000 on Friday, it faced a sell-off on Monday – in turn, the value of the entire cryptocurrency market declined by as much as $200 billion.Those cautious about bitcoin warn that bitcoin is in a market bubble and are concerned that the cryptocurrency's recent rally is reminiscent of retail investor speculation that led to the 2017 crash, but bitcoin bulls predict its volatility will stabilize.Regardless of bitcoin's recent rise, "Shark Tank" investor Kevin O'Leary would not put his money into bitcoin, he said in a YouTube video published Tuesday."Bitcoin is a nothing-burger, a giant nothing-burger," said O'Leary, chairman of O'Shares ETFs, because "you don't have every institution willing to play ball with it."For example, O'Leary pointed out that he cannot use bitcoin to "buy assets" globally, as regulators in different countries remain wary of the cryptocurrency. "I can't get consistency with any single regulator in endorsing bitcoin for me to do a significant transaction," he said. "It's getting better, but it's not something every regulator in every market [supports]."Also, the process of transferring and converting bitcoin to fiat "isn't instantaneous," O'Leary said."If I want to buy a million dollars worth of bitcoin right now, I've ...read more...