Popular investor and Shark Tank personality Kevin O’Leary said he wants his current crypto holdings doubled to 7%, despite impending regulations.
O’Leary currently holds 3% of his investment portfolio in cryptocurrencies. However, the investor told CNBC on Sept 13 he hopes that percentage increases to 7% by the end of 2021.
The celebrity investor said the crypto market could see trillions of dollars pour in if it continues to solidify itself as an asset class. He specifically named bitcoin and said bitcoin-based trading has major growth potential.
“This is not going away, this is the new asset class,” he said.
For this reason, he says U.S. regulators should make decisions on crypto laws. He says the infrastructure for compliance with regulations lacks compared to traditional finance. He also said he “cannot afford to be non-compliant” to regulations however they manifest.
“I don’t want to get involved in crypto if the regulator says it’s not okay,” O’Leary said. “I can’t afford to be offside, I cannot afford to be non-compliant.”
O’Leary in favor of bitcoin
Over the last few years, O’Leary’s stance on bitcoin has fluctuated wildly. Initially, he called the cryptocurrency “rogue” and then “garbage.” Though now his position is quite different. Earlier this year he took a more sustainable stance on bitcoin, not accepting any mined in China.
As non-fungible tokens (NFTs) and DeFi skyrocketed in popularity the investor also dipped his toes into those waters. He called the NFT space “phenomenal,” and later announced the creation of his own DeFi investing company, DeFi Ventures.
These latest remarks from the Shark Tank personality come as the U.S. government contemplates new tax laws for the industry. This summer the Senate passed a bipartisan tax infrastructure bill that narrowed the definition of a broker for crypto holders.
While many spoke out against the problematic wording, others see this push for regulation as industry maturity. Nonetheless, the industry remains on edge until final decisions solidify.
Yesterday House Democrats released additions to the crypto tax plan. U.S. regulators plan for finalized crypto tax provisions by the end of September.