‘I have no interest in being a crypto cowboy’
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Kevin O’Leary
Scott Mlyn | CNBC
Kevin O’Leary, a celebrity investor, is now investing in digital currencies. However, he doesn’t do so lightly. He told CNBC that it’s better to consult regulators than become a crypto cowboy.
O’Leary stated to CNBC’s Capital Connection on Tuesday that he would prefer to speak with regulators prior to investing in cryptocurrency. He wanted to know “what’s possible” and “what’s not” regarding their views on the topic.
“I don’t have any interest in investing in litigation against SEC [U.S. Securities and Exchange Commission]He said that it was a bad idea and discussed the U.S. regulator’s case against Ripple, a fintech company.
Ripple’s lawsuit against the SEC centers on concerns over Ripple’s ties with XRP (the seventh largest cryptocurrency in the world). This is the SEC alleged that Ripple and its executivesThe tokens were sold in an unregistered securities offer worth $1.3 billion.
O’Leary was an investor in Shark Tank and the Chairman of O’Shares ETF. O’Leary stated that it is easier to work with regulators and be flexible because this is where the true capital is.
“I have no interest in being a crypto cowboy and getting anybody unhappy with me because … I have so many assets in the real world that I’ve invested in already that I have to be compliant,” he added.
Stablecoin
O’Leary denied that he would invest in digital cash tied to national currencies. He also called them “stablecoins” because he doesn’t have enough knowledge about China’s blockchain and how it was being monitored.
O’Leary instead believed stablecoins would have the best chance to be successful if it was tied to the U.S. Dollar.
He admitted that it may seem “counterintuitive”, given the increase in inflationAs this reduces the purchasing power the dollar.
O’Leary said that he was sitting on a large amount of cash after selling a lot his investments in commercial properties over the past couple years. This would have a negative impact on buying power due to inflation.
O’Leary, however, stated that the USD Coin is the second largest stablecoin in the world and it is tied to the U.S. dollar. O’Leary stated that USDC is currently only a 5% investment.
However, he said there was an opportunity to lead the charge for America with stablecoins.
Crypto as ‘software development’
O’Leary stated that he was visiting Abu Dhabi in the United Arab Emirates, capital, for the annual Fintech Festival. He also spoke to regulators and the government to learn more about the country’s rules regarding blockchain finance.
He claimed that he doesn’t view cryptocurrencies such as bitcoin the way other people do.
O’Leary explained that it was “software development.” Therefore, when O’Leary wanted to make an investment in the blockchain space, he needed to know which platform would win long-term.
He listed Polygon, Solana, and HBAR among others.
“I have to invest in all these, not just one because I don’t yet know the winner,” he said, explaining that he was searching for the markets with the most engineering talent and the best policy.
O’Leary stated that there is currently no exchange-traded US fund holding bitcoin, because regulators are “taking their time” with blockchain regulation.
“That is why I came to you, and I’d like to know what your plan is. This is because I will be going in every country that is thinking ahead about decentralized financial services,” he stated.
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