Investor and "Shark Tank" star Kevin O'Leary says that he is bullish on crypto, especially Bitcoin BTC/USD, and predicts that it will remain volatile.
What Happened: In a recent interview, O'Leary said the assumption that Bitcoin would be a hedge against inflation was just "flat out wrong."
He said that Bitcoin predictions have never been accurate, adding that "no one" could accurately forecast its volatility.
"The narrative about Bitcoin's institutional adoption is not true, since the U.S. Securities and Exchange Commission is yet to approve a Bitcoin exchange-traded fund. In addition, the ownership of Bitcoin by institutions remains minuscule because of their compliance departments, "O'Leary adds.
Last month, he said he was holding a broad range of crypto assets available in the market, and he owns 32 different positions.
O'Leary also advocated for Bitcoin and tweeted that it would become the world's reserve currency.
At the time of writing, Bitcoin was trading at $29,294, down 3.48% in the last 24 hours.
Overall, Bitcoin is down 37.65% on a year-to-date basis and is down 57.88% from its record high.
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