Recent public support for cryptocurrency from two well-respected investment tycoons may be the influence needed to push Bitcoin to $100k.
Kevin O’Leary, well known for his role on American entrepreneurial television show Shark Tank, is a Canadian businessman and investor with a net worth of $400 million. He has recently asserted his belief in the future of the crypto industry with heavy investments into digital assets and decentralized finance software company DeFi Ventures. Carl Icahn, founder of Icahn Enterprises with a net worth of over $15 billion, has recently gone public with his own interest in investing into Bitcoin in a “big way”. While Icahn, a famed activist investor who has held major stakes in major companies including Apple and Netflix, differs in his approach to investment from O’Leary, who targets innovative startups, they share enthusiasm for Bitcoin as its presence continues to rise.
“The potential in Bitcoin is huge!”
Kevin O’Leary, dubbed “Mr.Wonderful”, is a major crypto industry enthusiast, with his vocal support sure to give Bitcoin greater credibility in the minds of many mainstream investors. Just as Shark Tank celebrates (and rewards) innovation and strategic moves forward from contemporary thinkers, O’Leary’s investment in Bitcoin is a significant endorsement of the world’s most popular digital currency.
O’Leary has been very public about his support for cryptocurrency, including a recent $20 million investment into DeFi Ventures, a company that works to simplify and improve accessibility to decentralized finance through user interaction technologies. He discusses Bitcoin being a strong store of value, suggesting that he may shed some of his company’s investment in gold in favour of increasing cryptocurrency holdings. Slowly, he believes, others will come tiptoeing into the industry to capitalize on cryptocurrency, investing billions of dollars and securing milestones already anticipated by many.
O’Leary doesn't see himself ever dropping cryptocurrency from his portfolio. As he accepts the volatile nature of Bitcoin, he uses dips in value to buy more Bitcoin, maintaining a 3% capital investment in crypto from his portfolio.
A Billion Dollar Investment in Crypto
Billionaire and founder of Icahn Enterprises, Carl Icahn has recently shown interest in entering the cryptocurrency industry, with reports that his company is actively studying it. Icahn's reputation precedes him, hailed by Forbes as one of the most successful investors on Wall Street.
He recently teased an investment of $1.5 billion into cryptocurrency to Bloomberg, claiming he is considering a large investment which would “not be to buy a few coins or something.” If Icahn in fact does enter the industry, the presence of his company would change the way the world looks at crypto.
“I mean, a big way for us would be a billion dollars, billion-and-a-half dollars ... I’m not going to say exactly,” said Icahn. This interest is quite the turnaround from 2018 when Icahn expressed his doubt in cryptocurrency; recent legitimizing developments in the industry have caused him to rethink his old ways of thinking. He acknowledged his previous doubts, calling his quick judgement a “little wrong-headed.” Icahn articulated his belief that cryptocurrency can be a solid store of value.
As Bitcoin continues to garner mainstream acceptance, this change in tune has been sung by other billionaires within the past year as well, and this public statement will likely turn other investors too. Icahn could be the catalyst for other influential financiers to start investing in digital coins. His statement has sparked speculation from other industry names such as Ryan Adams, founder of crypto investment firm Mythos Capital and Bankless, that he may have already invested into the market.
Next Steps for Bitcoin
This overwhelming support from these two celebrity investors will trickle down, influencing more of the masses to see Bitcoin and cryptocurrency as a serious investment option. These developments will spur copycat investing from traditional financial market investors who revere Icahn as well as the innovative, often tech-focused investors drawn to O’Leary. Bitcoin is on a trajectory to hit $100,000, a milestone that could arrive sooner than expected as more high-level investors follow the example of this dynamic pair.
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