Emmy-winning Shark Tank and CNBC contributor shares his vision on Bitcoin and compares it to holding tech stocks
Famous celebrity investor, Shark Tank, Emmy winner, and CNBC contributor Kevin O’Leary has shared his views on Bitcoin and why he chose to invest in it despite the negative sentiment around the cryptocurrency and the market in general.
In his tweet, “Mr.Wonderful” compared Bitcoin to software instead of treating it like a coin or a currency. He also mentioned that institutions are criticizing him for investing in the first cryptocurrency.
He also said that holding Bitcoin under current market conditions is equivalent to having exposure to tech stocks from companies such as Microsoft and Yahoo.
The tweet was also noticed by Dogecoin developer Billy Markus, who could not miss a chance to push the memecoin in the reply sections and told O’Leary that his cryptocurrency works on the same software but has a “cuter mascot.”
Why does Bitcoin follow tech stocks?
The correlation between Bitcoin and tech stocks is quite noticeable when the cryptocurrency and the US TECH 100 CFD are compared. The two began to move in correlation in June 2021. But this is more likely a coincidence than a trend.
Both tech stocks and digital assets, in general, are considered risk assets that are currently moving through the correction phase that started back in November. The global risk-off on financial markets has also affected emerging economies. Both Bitcoin and tech stocks correlate with such foreign currencies as the ruble.
At press time, Bitcoin is trading at $38,620 and showing a slight 0.7% gain after facing an unexpected 13% drop.
