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Home Cryptocurrency news Bitcoin

Shark Tank Investor Slams Bitcoin, Crypto: “Not An Institutional Product”

Tony Spilotro by Tony Spilotro
3 weeks ago
in Bitcoin
Reading Time: 2min read
bitcoin shark tank

Male entrepreneur walking on the rope above the sea while carrying a money sack

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Bitcoin in 2020 has finally attracted institutional investors with serious wealth and capital to throw around. And it is exactly why the leading cryptocurrency is trading well above its previous peak set in 2017.

But why then, is one of the world’s most “wonderful” investors and TV show “shark” claiming that crypto is “not an institutional product” based on his purchase of the emerging assets made back then?

Kevin O’Leary: Crypto Is Completely Irrelevant To Institutions

The biggest narrative driving Bitcoin’s bull run in 2020, has been the sudden interest from institutional investors finally considering the cryptocurrency as a store of value and a way to protect against inflation.

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These uses, however, are still developing. But the asset’s potential suggests it could either result in total failure, or complete disruption of the current financial system.

Related Reading | Bitcoin Dominance In December: Why The Future Of Altcoins Hinge On This Month’s Close

For whatever reason, for the first time in its history of the asset, well-known figures in finance are talking about Bitcoin, buying BTC, and telling others why they should do the same.

Yet, Mr. Wonderful himself, Kevin O’Leary, known for his role on TV’s Shark Tank or in the finance world for his investments, says that crypto – including Bitcoin – is “not an institutional product.”

bitcoin shark tank

Institutions have been behind the recent Bitcoin uptrend | Source: BTCUSD on TradingView.com

Shark Tank Star Admits Bitcoin Might Be Different, Swims With Peers Call That It Bananas

Weeks ago, while joining Bitcoin mouthpiece Anthony Pompliano on his podcast, Shark Tank star Kevin O’Leary had begun to warm up to the top crypto. However, he says he’s already long been a “cryptonian” since 2017.

At that time, he bought a variety of Bitcoin, Ethereum, XRP, and other coins available at the time for “fun.” He only spent $100, which is now worth approximately half of what he put in initially.

Using the example, he admits that maybe Bitcoin is different, but that the cryptocurrency is “insignificant” to the greater financial market and the institutional crowd.

Related Reading | Bananas! Billionaire Shark Mark Cuban Calls Bitcoin More Religion Than Solution

He warns that because of potential regulation, institutions won’t want to get caught with their pants down, or worse yet, more and more funds pile in and when the government finally pulls the rug, the “mother of all” class action lawsuits will result.

For those reasons, he’s “out” on Bitcoin. O’Leary isn’t the only Shark Tank investor to be skeptical of crypto either. Mark Cuban claims he’d rather own bananas over Bitcoin. That leaves a few sharks still potentially “in” – which is the next in the tank to take a bite out of Bitcoin?

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcnbccryptoKevin O'LearyShark Tanksquawk boxxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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