Kevin O’Leary, Shark Tank investor and well-known businessman, offered warning and encouragement to Bitcoin investors on an interview on CNBC.
Mr. O’Leary gave a stiff warning to those that don’t understand Bitcoin stating that investing in something you don’t fully understand could be potentially disastrous. However, he offered some confidence stating that the digital currency is definitely an asset, if not a usable currency.
He said, “I’m quite sure that 99 percent of the people that own Bitcoin do not understand how it works. That always is a cocktail for disaster. You should never invest in something you don’t understand.”
O’Leary was clear in expressing his view of Bitcoin not being a sufficient currency at this time for transactions. He pointed out a specific instance in which he was unable to seal a $200,000 transaction due to the other parties’ concern of the high volatility.
However, the investor views the digital currency as one of the most successful assets in the world.
In his conclusion, he compared Bitcoin more to gambling than an investment and advises investors to only put in how much they are able to afford to lose, saying, “I just think it is a wonderful entertainment, just like a slot machine is, or putting chips on a roulette wheel. Right now it is fun, exciting, entertaining. As long as you can afford to lose everything you put into it, go with it.”
Featured Image: CNBC