Shark Tank’s Host Kevin O’Leary Is Clearly Not A Fan Of Bitcoin, Thinks BTC Is Useless Garbage

Shark Tank’s Host Kevin O’Leary Is Clearly Not A Fan Of Bitcoin, Thinks BTC Is Useless Garbage

This week has been an exciting one in the crypto-space as many are smiling due to the bull-run that’s currently happening in the crypto-market. At the time of press, Bitcoin sits above $8,000, and it’s heading towards $10,000.

Despite the surge and the reputation of the cryptocurrency in the world today, Shark Tank’s host Kevin O’Leary says Bitcoin is useless, and a garbage coin during an interview with finance news outlet CNBC published on May 14.

O’Leary is not only the host of Shark Tank, but he is also the founder of SoftKey – a company known to have a revenue of about $29 million. O’Leary first hosted a show on Shank Tank – an American business reality show – in 2009.

However, the interview published by CNBC revealed that O’Leary claimed Bitcoin is garbage and useless since everyone that accepts it always wants to hedge it against its volatility. The SoftKey founder also stated that he tried using BTC to purchase a real estate in Switzerland, which resulted in a bad experience for him.

O’Leary stated the main reasons behind his claim which is that “you can’t get in and out of it in large amounts.” He further stated this during the interview:

“But everyone says, yes, you can. But, what happens is the receiver wants some guarantee. Let’s say you want to buy a piece of real estate for $10 million in Switzerland. […] They want a guarantee that the value comes back to you as currency at ten, you have to hedge the risk of bitcoin somehow. That means it’s not a real currency.”

Considering the risk and volatility Bitcoin has, O’Leary further pointed out (in regards to his initial statement) that every receiver is not always ready to take the risk and volatility it has; due to this, it is garbage and a useless coin.

Bitcoin and other cryptocurrencies in the crypto market has a history of high volatility. Most times, the value of BTC in a moment might not be the same value in the next few hours.

In other vital news in the last few hours, CME Group reported a record volume for its BTC futures on May 13th due to the recent bull-run at the moment.

It is necessary to know that CME Group and also the Chicago Board Options Exchange (CBOE) were the first companies to provide bitcoin futures in the market in December 2017. However, CME Group now sees an all-time high record of about 33,700 contracts on Monday.

The whole number of the contract is equal to 168,000 BTC ($1.35 billion) – which is a 50 percent increase when compared to the previous highs of 22,500 contracts and 112,700 BTC (currently $909.2 million) on the 4th of May.

It is also necessary to note that BTC’s recent bull-run began to gain traction on the 1st of April: On Tuesday Bitcoin reached a familiar price mark of about $8,335.

For cryptocurrencies to succeed in the long run, CME urges for an increased regulatory framework; also stating that the participation of regulatory bodies is very vital.

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