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Shark Tank Mogul Kevin O’Leary Sets Sights on Doubling His Crypto Holdings
Kevin O’Leary plans on adding more cryptocurrencies to his portfolio. The shark tank star hopes to expand his digital assets from 3% to 7%. As per Kevin, digital currencies could accumulate trillions if they entirely turn into an asset category. He intends to include more virtual assets as 2021 comes to an end.
O’Leary is Comfortable with Crypto
The digital currency space is currently under pressure from global regulators. As such, Kevin hopes that U.S regulators can design policies focusing on crypto. Regulating virtual assets enables users to make the right investment choices without violating the law.
The shark tank investor believes that the guidelines give investors the green light to participate in crypto investments. Kevin also mentions that the airline industry continues to experience losses after the eruption of COVID-19.
Countries are blocking flight movements following the spread of the deadly virus. Thus, investors such as Kevin O’Leary are taking up digital currencies to boost their income streams.
A Change of Heart
Kevin O’Leary had a different opinion on digital assets in the past. In May 2019, the Shark Tank icon said that Bitcoin is similar to a digital game. According to him, investors can’t get many returns once they indulge in crypto investments.
Kevin recalls a time when he made his first crypto investment in 2019. At that time, he set aside $100 for his crypto investment plan. After a while, prices began to drop, and Kevin saw a loss of 70%. Bitcoin was trading at $8,000 during the same year Kevin gave his views on the digital asset.
The Regulatory Stand of Crypto in the U.S
The cryptocurrency world is an industry that experiences rapid growth over time. It forces regulators in the U.S to come up with a workable legal framework. Furthermore, several U.S bodies have different definitions of cryptocurrencies.
For instance, the Internal Revenue Service views digital currencies as property. On the other hand, the Securities and Exchange Commission advises that cryptocurrencies should meet security standards. Such differences limit the progress of implementing practical rules. At the time of writing, the House Democrats plan on adjusting the crypto tax law. Once it passes, the tax law could raise about $16 billion.