Kevin O'Leary: Bitcoin price is 'never going to zero,' here's why
(Kitco News) One thing to be sure of in the crypto space is that Bitcoin is never going to zero, that's according to Shark Tank star and Chairman of O'Shares Kevin O'Leary.
"Bitcoin is never going to zero. This is a personal opinion. There are enough people around the world that see it as a store of value, me included. It is a 5% weighting in my portfolio, just like gold is," O'Leary told Kitco's Editor-in-Chief Michelle Makori on the sidelines of the Bitcoin 2022 conference in Miami.
O'Leary's 5% allocation is just into Bitcoin itself. He has 20% of his portfolio in the DeFi and crypto, with a range of companies in the space. O'Leary also owns Ethereum, Solana, Polygon, HBAR, and Avalanche.
Going forward, there will be billions more dollars allocated to the crypto space, especially to Bitcoin. But the U.S. regulators need to make a few things clear first, O'Leary said. "What we really need is for U.S. regulators to make policy, and then allocations will start, primarily in bitcoin."
When it comes to other crypto assets, U.S. politicians will have to approve stablecoins in order to keep the U.S. dollar as the world's reserve currency, O'Leary pointed out.
"The great thing about getting stablecoins nailed down on a regulatory basis in the U.S. is that it creates a global currency backed by the U.S. dollar. It keeps the U.S. dollar as the currency of reference globally," he said.
To learn more about Bitcoin's price floor and the levels that would concern O'Leary, watch the video above. Follow Michelle Makori on Twitter.