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In addition, O’Leary forecasted that BTC would cross the $300,000 mark within 3 years.
Celebrity businessman and TV sensation Kevin O’Leary has shared his opinion about the relationship between Bitcoin and tech stocks. Prior to this time, O’Leary seems to have attracted criticism from institutions for investing in Bitcoin.
However, O’Leary has explained that BTC is a coin as much as it is a currency and software. He also compared holding BTC to holding positions in major tech firms like Microsoft or Yahoo.
O’Leary isn’t the first celebrity to make such a comparison. Just last week, Director of Global Macro at Fidelity, Jurrien Timmer suggested that BTC’s growth trajectory was mimicking the rise of Apple in the 90s. Also, in 2021, Anthony Scaramucci, Founder of SkyBridge Capital, drew a comparison between the digital asset and Facebook, Google, and Amazon.
Bitcoin Is Like Tech Stocks
Interestingly, both digital assets and tech stocks have continued to move in the same direction since June 2021. You cannot miss the correlation between both stocks once you compare the trajectory of BTC with that of the US TECH 100 CFD. Currently, both risk assets are in a correction course that started in November 2021.
The TV presenter used to have a different perspective about the digital asset. Two years after stating that the coin was worthless, he softened his stance in early 2021. Not long after, he allocated 3% of his portfolio to HODLing BTC in March. Since then, O’Leary has continued to heap praises on the coin.
His recent was when he tweeted about his opinion on the coin. He opined:
“Bitcoin is not just a coin or currency, it’s a software. Institutions like to criticize me for investing in Bitcoin, but how I see it, if you hold big positions in companies like Microsoft or Yahoo, it’s all the same”
Bitcoin for $300,000?
In addition, O’Leary forecasted that BTC would cross the $300,000 mark within 3 years. In an interview for Stansberry Research, O’Leary predicted that BTC could hit $300,000 once there is regulatory clarity in the industry.
He said, “At some point in the next two to three years, the US regulator is going to make a statement about cryptocurrencies. Once that happens, if I have a state fund or a retirement plan, I’m probably going to allocate one to three percent to it.”
O’Leary has always been one for regulations, stating back in November that he’ll rather take counsel from regulators than be a crypto cowboy.