Shark Tank’s Kevin O’Leary Questions Bitcoin’s Role as ‘Safe Haven’

shutterstock 502801573 860x430 1

A discussion between businessman and co-host of NBC’s “Shark Tank” Kevin O’Leary and Morgan Creek Digital’s Anthony “Pomp” Pompliano turned sharp over the latter’s bitcoin holdings.Speaking with CNBC on Tuesday, O’Leary challenged bitcoin’s role as a “safe haven” asset. Pompliano said over half of his net worth resides in the first cryptocurrency to which O’Leary called out the foolishness of such a holding scheme in his opinion.“In any one stock, never more than 5%, in any one sector, never more than 20%,” O’Leary said. “I teach this stuff! You never go beyond concentrations of that nature! Fifty percent! Shame on you! That’s nuts!”Responding to bitcoin’s role as a safe haven, Pompliano said the asset is negatively correlated with every other major asset class.O’Leary’s main point concerned alternative cryptocurrencies.“If this is really such a great idea, why is there really only one Vegas game working?” he asked.Two years ago, O’Leary explained,…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE