Renowned venture capitalist Kevin O’Leary believes whether or not Bitcoin (BTC) will remain the top crypto asset by market capitalization will be determined by a specific group of deep-pocketed investors. .
In a recent article on Crypto Banter, the Shark Tank star said he can’t believe Ethereum (ETH) will take over Bitcoin and become the cryptocurrency of kings.
“When I talk to the government rich, whether it’s Norway, the UAE[United Arab Emirates]or Saudi Arabia, they want bitcoin. did not reach the analysis they just did: they want a substitute for Bitcoin, they want its volatility…
If [ETH] It has become the default platform for other digital assets and that helps. But for the time being, demand for 1% to 3% of the portfolio is the norm. These Sovereign Wealth Portfolios look like this: 20% or less in one sector, 5% or less in one name…
If you ask if you can buy digital assets, which one and which allotment. And 99% say Bitcoin. That’s all they know. ”
O’Leary added that sovereign wealth funds are simply waiting for a clear regulatory framework before diving into Bitcoin.
“It will take a while for that demand to come and I think it will be number two. Okay, but if Bitcoin had a policy, I swear the price would hit $60,000 in two weeks.”
At the time of writing, BTC is trading at $24,756 and ETH is trading at $1,987.
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Featured Image: Shutterstock/Tithi Luadthong
