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

Tony "The Bull" Severino

1 year ago

3 mins read

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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.

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.

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.”

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.

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

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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