Veteran investor and Shark Tank star Kevin O’Leary says he is looking beyond just buying and holding Bitcoin.
In a new interview with Stansberry research, O’Leary says that he is exploring various decentralized finance (DeFi) projects that can generate passive income. Among the altcoins he is considering deploying in yield farming is the stablecoin DAI.
“I’m interested in actually interest yield using DAI… you know against the Bitcoin loan. It’s all kinds of different strategies.”
The TV personality says his recent embrace of Bitcoin is based on his belief that the flagship crypto asset will become the reserve currency of the crypto world.
“I look at Bitcoin and say to myself, that is going to be the US dollar of cryptos. It has established itself all around the world, it’s the largest market cap, it’s just under a trillion dollars, it will always be the leader in my view.”
The chairman of exchange-traded funds (ETF) issuer O’Shares Investments predicts that Bitcoin’s volatility will lessen as more money is poured into it.
“… If it became let’s say, I don’t know, $20 trillion of value, okay, which you would be basically very very stable in my view. Because you would be being held by people and institutions that are holding it as a hedge against inflation or just storage of value.”
O’Leary, adds that he has “come to peace” with Bitcoin’s wild swings and is comfortable with the percentage he has allocated to the flagship crypto asset.
“I have come to peace with the volatility. I can deal with it now. A 3% weighting is not aggressive. And yet it will capture upside should it work.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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