Prominent venture capitalist Kevin O’Leary believes a certain group of deep-pocketed investors will dictate whether Bitcoin (BTC) remains the top crypto asset by market cap.
In a recent installment of Crypto Banter, the Shark Tank star says he’s having a hard time believing that Ethereum (ETH) will usurp Bitcoin and become the king cryptocurrency.
“When I talk to sovereign wealth, I don’t care if it’s Norway, or the UAE (United Arab Emirates) or Saudi, they want Bitcoin. They have not got to the analysis that we’ve just gone through. They want the proxy of Bitcoin, and they want that volatility…
If [ETH] becomes the default platform for other digital assets, that will help. But in the immediate term, the demand is for 1% to 3% of a portfolio, a standard. These sovereign wealth portfolios look like this: no more than 20% in any one sector, no more than 5% in any one name…
When you ask them if you could buy any digital asset, which one would it be and what allocation. It’s about 50 basis points on the low end up to 300 basis points on the high end. And 99% of the time they say Bitcoin. That’s all they know.”
O’Leary adds that the sovereign wealth funds are just waiting for a clear regulatory framework before diving into Bitcoin.
“It’s going to take a while for that demand to come in, and I think it would be number two. And they certainly like USDC, and they love Solana, Polygon. You go down the list based on market cap. I get it, but right now, if we had policy on Bitcoin, I swear to you the price will be $60,000 in two weeks.”
At time of writing, BTC is changing hands for $24,756 and ETH is trading at $1,987.
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