Is Bitcoin Too Big To Fail? Here's What Dave Portnoy And Kevin O'Leary Think

Zinger Key Points
  • “Bitcoin will become the reserve currency of the earth,” Kevin O’Leary tweeted Friday.
  • “It’s almost too big to fail, too big to go away,” David Portnoy said about Bitcoin.

Two influential voices have shared their thoughts on Bitcoin this week. Here’s the latest from Kevin O’ Leary and Dave Portnoy.

Reserve Currency: Investor and “Shark Tank” star Kevin O’Leary has been a vocal Bitcoin BTC/USD bull for some time.

“Bitcoin will become the reserve currency of the earth,” O’Leary tweeted Friday.

O’Leary recently said in an interview with Kitco News that Bitcoin is not going to get banned despite some thinking this could happen and the price of Bitcoin being volatile recently.

“There’s no chance that we’re going to be banning Bitcoin or anything else that holds economic promise in terms of developing new technologies for financial services and payment systems,” O’Leary said.

O’Leary said Bitcoin will be regulated in the future, something he’s “100% sure” of. Regulation could bring additional institutional investors to the digital asset space, one of the reasons O’Leary is bullish on Bitcoin. He also holds Ethereum ETH/USD, Polygon MATIC/USD, Solana SOL/USD and other cryptocurrencies.

O’Leary also predicted this year that cryptocurrency could become the 12th sector of the S&P 500 in the coming years.

O’Leary will be a keynote speaker at an upcoming Benzinga event where he will discuss another sector he’s passionate about, psychedelics. Find out more about the Benzinga Psychedelics Capital Conference taking place on April 19.

Related Link: Kevin O'Leary Says If You Own Google & Microsoft, You Should Hold Bitcoin 

Too Big to Fail: Another bull for Bitcoin sharing thoughts this week is Dave Portnoy, the founder of Barstool Sports, a company partially owned by Penn National Gaming, Inc PENN.

Speaking live from Miami, where the Bitcoin Conference 2022 is taking place, Portnoy shared his latest thoughts on Bitcoin with Stuart Varney on “Varney & Co” on Fox Business.

“It’s a big parade for Bitcoin,” Portnoy said of the event. “They’re beating the drum, hard not to get caught up in the hype.”

Portnoy said he was impressed with hearing more about the Lightning Network from Jack Mallers, which could help boost Bitcoin acceptance at big retailers.

Portnoy told Varney that the comments from Peter Thiel about Berkshire Hathaway Inc BRKABRKB CEO Warren Buffett aren’t a huge surprise.

“Old people probably aren’t gonna be the most likely to pick up Bitcoin.”

Portnoy said he rebought Bitcoin at $36,000 and has put over $1 million to own 29 Bitcoin.

“It’s almost too big to fail, too big to go away.”

When asked if he owns any other cryptocurrencies, Portnoy highlighted one of his worst purchases.

“I still have unfortunately the worst coin that ever existed, SafeMoon.” Portnoy admitted that his $46,000 investment is now worth $2,000.

Photo: Left, Portnoy, Zach Catanzareti Photo via Wikimedia Commons; Right: O'Leary photo courtesy "Shark Tank"

Posted In: CryptocurrencyNewsMovers & ShakersTop StoriesMarketsMediaGeneralBarstool SportsBenzingaBitcoinBitcoin 2022Dave PortnoyEthereumKevin O'LearyPeter ThielPolygonSafeMoonSolanaWarren Buffett