Shark Tank’s Kevin O’Leary Won’t Invest in Dogecoin, Says ‘I Don’t Understand Why Anybody Would’ – Shark Tank star Kevin O’Leary talked about the meme cryptocurrency dogecoin in an interview with CNBC last week. The chairman of O’Shares ETFs said:
I don’t participate in that kind of thing. I don’t understand why anybody would, but that’s their own choice.
He explained that investing in dogecoin is like gambling in Las Vegas, noting that he might not even call it “investing” at all.
The Shark Tank star explained that when someone invests in a stock, they are betting on the company’s ability to execute its business plan and achieve its goals. In contrast, he said that there is no informed decision making with dogecoin as buyers are simply hoping that the price of the cryptocurrency will increase. In addition, dogecoin has an unlimited supply, unlike bitcoin.
O’Leary suggested: “Maybe you should consider it entertainment because there’s no inherent value in it other than what other people want to do as they speculate.” He elaborated:
When you speculate on something like dogecoin, that’s no different than going to Las Vegas and putting your money on red or black. It’s pure speculation.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.