Just the other day, Kevin O’Leary, who also goes by the nickname ‘Mr. Wonderful’, appeared on CNBC to give his thoughts on Bitcoin (BTC). His nose for “crap” purportedly served him well on the segment, which was Tuesday’s “Squawk Box” episode. As we reported, the Canadian businessman who is valued in the hundreds of millions called Bitcoin a “digital game”, rather than an investment, currency, or newfangled asset class. He then dubbed BTC “worthless”, noting that the lack of liquidity and market share of Bitcoin is an issue in his eyes. As he put it, Bitcoin is “crypto crap”. Well put, we guess?
He then explained that he once put $100 into Coinbase, bought the exchange’s basket of assets vehicle, and then proceeded to lose $70. This loss doesn’t deem something a bad investment per se, but let’s give O’Leary the benefit of the doubt here.