Celebrity investor Kevin O\u2019Leary\u00a0(aka \u201cMr. Wonderful\u201d on ABC TV series \u201cShark Tank\u201c) recently explained why he continues to \u201callocate to Bitcoin.\u201d<\/p>\n
According to a report by The Daily Hodl published earlier today, his comments were made during an interview with influencer \u201cCrypto Jebb\u201d on August 4.<\/p>\n
The Shark Tank star said:<\/p>\n
\u201cThe big opportunity, the mega opportunity for Bitcoin, and why I stay long and why I continue to allocate to Bitcoin is when we get policy and institutions can allocate to it \u2013 sovereign wealth and pension institutions \u2013 they\u2019ll probably put 50 basis points, which is half one percent, up to one percent into Bitcoin, and that\u2019s where you\u2019re going to break out of this range. How high? Nobody knows because the demand is almost insatiable.<\/em><\/p>\n \u201cMost large institutions want a position in crypto and they want the granddaddy crypto. They want Bitcoin. They can\u2019t buy it yet\u2026 I service the institutions and the sovereign funds with indexing, and they all tell me they want to index for Bitcoin but they can\u2019t buy it. They don\u2019t have any policy. They don\u2019t have any compliance infrastructure. So we got to get this done.<\/em>\u201c<\/p>\n https:\/\/youtube.com\/watch?v=xXv3iKB5Me8%3Ffeature%3Doembed<\/p>\n On July 6, during an interview on YouTube series \u201cMeet Kevin\u201d, the Canadian investor claimed that the crypto markets are in danger of a massive capitulation event that will trigger further panic among investors. O\u2019Leary argued that the market has yet to reach a bottom, despite the collapse in prices over the past two months.\u00a0<\/p>\n The Shark Tank investor also predicted that a \u201cbig guy\u201d in the crypto industry would go to zero, which he called \u201cvery healthy\u201d for the market.\u00a0<\/p>\n As\u00a0reported\u00a0by the Daily Hodl, O\u2019Leary said:<\/p>\n \u201cThere\u2019s no big guy who has gone to zero yet, and I think that\u2019s still to come. Hard to say who it is because it\u2019s going to be because of leverage and some kind of relationship in a counterparty holding that they have not disclosed, and I\u2019m just speculating right now, but that would be very healthy for the market to have that happen.<\/em>\u201c<\/p>\n O\u2019Leary commented on crypto brokerage firm Voyager Digital, which\u00a0filed\u00a0on July 6 for Chapter 11 bankruptcy protection after having a large-capital borrower default on a loan. O\u2019Leary said the firm was too small to constitute his \u201cbig guy\u201d going to zero, and said other crypto companies that have failed so far were likewise \u201cirrelevant\u201d in terms of market cap.\u00a0<\/p>\n O\u2019Leary warned that the crypto markets could undergo a massive capitulation event in the near future that would create even greater uncertainty for investors. However, he gave the caveat that such an event would represent a great buying opportunity:<\/p>\n