However, Kevin O'Leary says regulatory uncertainty is holding other high net worth individuals back.
Speaking to CNBC, the multimillionaire revealed that 3% of his portfolio is currently tied up in digital assets, but he wants to increase this to 7% within months.
During the interview, O’Leary also hit on something that may be preventing other high net worth individuals from exploring how cryptocurrencies work: A lack of regulatory uncertainty. He told the news channel:
“I don’t want to get involved in crypto if the regulator says it’s not okay. I can’t afford to be offside, I cannot afford to be non-compliant.”
O’Leary added that, when crypto finally gets recognition as an institutional asset class, he thinks there will be “trillions of dollars of interest waiting to come on board.”
The first step in this journey would involve approving a Bitcoin-based exchange traded fund, he said.
A Small Recovery
As of Tuesday lunchtime in the U.K., there are small signs of recovery in crypto prices on a 24-hour timeframe, but double-digit losses have persevered over a seven-day period.