Kevin O’Leary, chairman of O’Shares ETFs, is increasing his exposure to cryptocurrency, he said Wednesday on CNBC’s “Squawk Box.”
“I’m moving up my allocation from 3% to 7%. That’s a lot for me,” O’Leary said.
He noted that he has a Coinbase account, but he said “fees matter to me. I invest chunks of capital and I want to pay the lowest fee with the most liquidity and above all compliance compliance compliance.”
O’Leary told CNBC that he thinks Coinbase Global Inc (NASDAQ:COIN) has done a fantastic job of trying to be compliant.
Institutions are not worried about volatility or disclosure issues in the cryptocurrency markets; rather they are concerned with compliance, O’Leary said.
Institutional interest is massive, he said, adding that there’s $1 trillion of interest in just Bitcoin (CRYPTO: BTC) if compliance issues can be solved.
“What an opportunity I see ahead for crypto,”O’Leary emphasized.
See Also: Kevin O’Leary Believes Ethereum Is Ultrasound Money
COIN Earnings: Coinbase reported quarterly revenue of $2.03 billion Wednesday, which beat the estimate of $1.77 billion. Monthly transacting users increased to 8.8 million in the second quarter, representing a 44% increase quarter over quarter.
Price Action: Bitcoin is up 59.81% year-to-date.
At last check Wednesday, Coinbase was up 6.23% at $286.47.
Photo by Pete Linforth from Pixabay.
