Kevin O’Leary who is a familiar face on the Shark Tank program shared his opinion on bitcoin prices while talking to Stansberry Research. According to him, he thinks bitcoin would be adopted by institutions and its price will skyrocket dramatically. Right now, many institutions don’t have the permission to put funds in crypto because such investments haven’t been approved. He suggested indirect investment by buying shares in mining companies like Riot and Marathon instead.
He is convinced that BTC prices could touch $300K if all institutions invested when they get the go-ahead. O’Leary says that people should think of Bitcoin as software and not a coin. Many financial and other institutions own Google and Microsoft. Since both are software products, it is easy to understand and buy. When compliance rules are in place, investors can buy 1% or more and BTC prices will begin to go up. . He foresees this happening in the next couple or more years.
Since he services pension plans and wealth funds, not one indexing business that he is aware of owns any BTC. This is the case despite all the hype surrounding BTC and other crypto. Compliance departments in these and other institutions have yet to allow ESG mandates. This is because the crypto class of assets is not yet compliant.
In October 2021, O’Leary had said that the US regulating agency allowed companies in the financial services sector to label BTC as an asset. That done, if it was offered in an ETF like it is done in Canada, a lot of money would be invested in BTC.