Famous Billionaire Reveals Portfolio Details How Much Cryptocurrency Is There?

Venture capitalist Kevin O'Leary explains that Bitcoin and other cryptocurrencies make up 20% of his portfolio.

In an interview with CNBC, O'Leary compared owning bitcoin to using products from big tech companies like Google and Microsoft, noting that it's all software. He also acknowledged that he has softened his stance on digital currencies and is an advocate for the industry.

In advocating for cryptocurrencies, O'Leary called on the U.S. to support the industry in order to catch up with countries like Canada. In particular, he noted that policies should be put in place.

"I have millions of dollars. Twenty percent of my portfolio right now is cryptocurrency and blockchain. So we have to support this initiative and be political leaders. Because right now the world is waiting. We are far behind politically for this industry that is going to lead the world in financial services. We need to move forward."

Shark Tank Celebrity Doubles Cryptocurrency Assets

Kevin O'Leary, known as "Shark Tank," announced in December 2021 that 10% of his portfolio was in cryptocurrencies, and then announced his intention to double his stake. Earlier, O'Leary claimed that the lack of a clear regulatory perspective prevented him from fully starting to use cryptocurrencies.

He notes that when the environment is favorable, he will convert a large cash position to stablecoin.

The U.S. is increasingly turning to cryptocurrency regulation

O'Leary's concerns about regulations came after President Joe Biden signed an executive order on cryptocurrencies. The order was intended to clarify the government's direction on digital currencies.

The executive order will focus on elements of consumer protection, financial stability, illicit activity, U.S. competitiveness, financial inclusion and responsible innovation. Meanwhile, Senator Cynthia Lummis is working on a bill that would outline how cryptocurrencies would be integrated into the traditional financial industry. While the cryptocurrency advocate did not provide any timeline, he said the legislation is almost ready to go.

Interestingly, Jan van Eck, CEO of global investment management firm VanEck, warned that lawmakers' involvement in cryptocurrency regulation could disrupt the industry by creating unnecessary obstacles.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Each investment decision is the responsibility of the individual. Finally, Koinfinans and the author of this content are not responsible for individual investment decisions.