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Shark Tank Co-Host Kevin O’Leary Backs DeFi as Future of Crypto

UTC by Benjamin Godfrey · 3 min read
Shark Tank Co-Host Kevin O’Leary Backs DeFi as Future of Crypto
Photo: Shutterstock

Kevin O’Leary is currently very amused with the DeFi ecosystem, seeing the high yield the new investment options provide in contrast to what is on offer by traditional institutions.

Shark Tank Co-Host, Kevin O’Leary is up on the headlines again when he unveiled that he is the major shareholder of a decentralized finance investment startup dubbed DeFi Ventures. Famous for the iconic Shark Tank show, Kevin unveiled his undying interest in the cryptocurrency ecosystem when he featured on the recent episode of Anthony Pompliano’s “The Pomp Podcast.”

The newfound love in digital currencies and their proprietary innovations by Kevin who currently is the Chairman of O’Shares ETF is astounding. Just in 2019, he declared Bitcoin a ‘Garbage’ asset saying that it is a “useless currency,” and a “worthless” digital gamble in an interview with CNBC. However, Kevin has not only had a change of disposition about Bitcoin, he now broadly believe in other altcoins as well. The TV star unveiled he has approximately 3% of his portfolio in Bitcoin.

Kevin O’Leary is currently very amused with the DeFi ecosystem, seeing the high yield the new investment options offer in contrast to what is on offer by traditional institutions. “What interests me the most right now is DeFi. I think it’s where the puck is going,” O’Leary said, highlighting the percentage gain that is possible with the yield products decentralized finance applications offer.

“Imagine if I could have over these years had a five percent yield on my gold, that would have been incredible. Well, I can on my crypto so that’s really what I’m doing in DeFi and I think I’ve got the best team in North America,” Kevin said reiterating the positioning of DeFi Ventures.

The company was designed to aid anyone to learn and benefit from DeFi which Kevin says will play a major role in the future evolution of the entire cryptocurrency ecosystem. As the biggest shareholder of the company after leading a $20 million funding round for the vehicle, Kevin said he will rename the outfit ‘WonderFi’ to reflect his known Moniker, “Mr. Wonderful.”

Shark Tank Host Kevin O’Leary’s Take on Bitcoin’s Future

The Environmental, Social, and Corporate Governance (ESG) of Bitcoin and the entire digital currency ecosystem has been a polarizing topic over the years. The energy consumption concern of Bitcoin was further brought to the fore when Tesla Inc (NASDAQ: TSLA) unveiled it will stop accepting the cryptocurrency as a form of payment due to its electricity demands. 

Besides his role as a Shark Tank host, Kevin said his institutional and sovereign fund clients always express concerns about Bitcoin’s energy demands. He however said this concern has not negatively influenced his accumulation of the premier digital currency.

At this year’s Consensus event, Business Insider reported that Kevin said Bitcoin needs to pursue sustainability to become more attractive to institutional investors. If Bitcoin embraces greener mining options, Kevin said its price could grow as much as $200,000. 

Based on data from CoinMarketCap, Bitcoin is currently trading at $40,239.15, up 5.79% in the past 24 hours.

Altcoin News, Bitcoin News, Cryptocurrency news, News
Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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