US business television series Shark Tank’s Kevin O’Leary recently appeared in the Pomp Podcast hosted by Morgan Creek Digital partner Anthony Pompliano, where he was heard talking about Bitcoin’s volatility. A bitcoin skeptic from the very beginning, the prime investor of the show, Kevin O’Leary, tags bitcoin as a worthless currency, as it does not allow investors to trade bitcoins in smaller amounts.

However, Kevin also made it clear in his podcast that he is not against cryptocurrency, but only that the high volatility of cryptocurrencies keeps him away from investing in cryptocurrency. But he would not mind buying a crypto ETF (exchange-traded fund) if that is approved by the SEC (Securities and Exchange Commission). He said that he is also ready to invest 5 % of his portfolio in bitcoin ETF if approved by the SEC. 

Getting approval from the SEC would also help in the mass adoption of bitcoin, as many institutional investors would then come forward to invest in bitcoins. To encourage investors, Kevin also added that he owns a small amount of bitcoin at the end of the podcast because of a challenge that he had lost against some students at Harvard University who wanted him to buy BTC.

In support of buying a cryptocurrency ETF, Kevin said,

 In the past also Kevin had created multiple ETFs when he was the Chairman of O’Shares, and therefore he has a clear understanding of the scope and objectives of ETFs. According to him, buying bitcoin ETFs is the best and the safest way to trade (buy and sell) bitcoins.

He is also against the idea that there will be only one cryptocurrency that can operate as the prime medium of exchange. Instead, Kevin believes that leading coins like Ethereum or bitcoin can only succeed if investors sense crypto coins as the potential medium of exchange or as stores of value. This is only possible if such a basket of currencies is approved by the SEC, enabling investors to load on multiple coins.

In support of this statement, Kevin cited an example and said,