‘Shark’ Kevin O’Leary: Investing in Dogecoin Should Be Considered ‘Entertainment’

Celebrity investor Kevin O’Leary (aka “Mr. Wonderful” on ABC TV series “Shark Tank“) recently talked about crypto investing in general and Dogecoin ($DOGE) in particular.

His comments came during an interview with CNBC’s “Make It”.

O’Leary had this to say about investing in crypto:

“I think there’s a difference between Dogecoin and let’s say USDC or Bitcoin or Ethereum or Solana… Within my own team, we have done a deep dive into crypto and we see value there in certain aspects of that market. We’ve increased our weighting to almost 10% of our book of our operating company into various cryptocurrencies, including USDC, Bitcoin, Ethereum, as I mentioned.

“And so, you have to think about investing as a speculation. When you invest in a stock, for example, you’re speculating that the earnings estimates will be met and that management will be able to execute on their business plan and they will achieve their goals.

“When you speculate on something like those Dogecoin, that’s no different than going to Las Vegas and putting your money on red or black. It’s a pure speculation and maybe you should consider it an entertainment because there’s no inherent value in it other than what other people want to do as they speculate, but I think the market is getting pretty savvy about that.

“So people that are speculating using leverage on Dogecoin are doing so at their own peril, but I think they understand that. And if it’s a small fraction, let’s say 5% or less of your portfolio, you can sustain that hit when and if it goes to zero. I don’t participate in that kind of thing. I don’t understand why anybody would, but that’s their own choice.

“But I warn everybody that’s an investor and I say this over and over again: all investing is speculative, all of it, 100% of it. If you want to be 100% safe, buy a fiat currency. You won’t even make inflation anymore. So, you’ll actually lose money, but you might sleep better at night. But buying anything and holding it is a speculation and that’s the way you should view cryptocurrencies as well.”

On February 23, Hadley Gamble, a CNBC anchor based in Abu Dhabi, talked to O’Leary about crypto. According to a report by Bitcoin.com, O’Leary told her:

“I actually think that digital currencies are here to stay. Most people that are willing to hold them, including institutions over the last 90 days, are willing to deal with the volatility…

“I am fascinated. I’m investing. I’m holding a 3% weighting in it between ethereum and bitcoin. The volatility sickens me but I’m getting used to it…

“And, finally, I’m starting to think about how do I invest in the infrastructure of mining bitcoin.“

After Gamble tweeted about this interview, “Mr. Wonderful”, who has been a harsh critic of crypto in general and Bitcoin in particular in the past few years, revealed that he is now prepared to allocate up to 5% of his personal investment portfolio to cryptocurrencies.

On March 27, another popular Shark Tank star — billionaire investor and entrepreneur Mark Cuban, who is the majority owner of the professional basketball team Dallas Mavericks — talked about investing in $DOGE on “The Ellen DeGeneres Show” .

He told DeGeneres:

“Overall, when someone brings up Dogecoin to you and asks you if it’s a good investment, I wouldn’t say it’s the world’s best investment, but it’s a whole lot better than a lottery ticket, and it’s a great way to learn and start understanding cryptocurrencies.”

According to data by CryptoCompare, Dogecoin is currently (as of 10:43 UTCb on July 30) trading around $0.2000, down 2.49% in the past 24-hour period but up 4,155% in the year-to-date period.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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