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

shutterstock 502801573 860x430

An exchange between businessman and co-host on NBC’s “Shark Tank” Kevin O’Leary and Morgan Creek Digital’s Anthony “Pomp” Pompliano over his bitcoin holdings turned sharp due to the nature of the Pomp’s holdings.Speaking on CNBC, 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…

Read the original article here