Shark Tank’s Kevin O’Leary and Anthony Pompliano lock horns over Bitcoin’s “safe haven” status


  • The debate happened following reports that bitcoin’s recent spike in price occurred as a result of China’s capital flight.
  • Pompliano revealed that over half of his net worth is in Bitcoin.

“Shark Tank” co-host Kevin O’Leary and Morgan Creek Digital’s Anthony “Pomp” Pompliano, debated on CNBC over bitcoin’s role as a “safe haven” asset. The debate happened following reports that bitcoin’s recent spike in price occurred as a result of China’s capital flight. The Pomp is a popular Bitcoin bull, while O’Leary is a well-known skeptic. Pomp revealed that over half of his net worth is in Bitcoin, which O’Leary wasn’t a fan of:

“In any one stock, never more than 5 percent, in any one sector, never more than 20 percent. I teach this stuff! You never go beyond concentrations of that nature! Fifty percent! Shame on you! That’s nuts!”

Regarding bitcoin’s status as a safe-haven asset, Pompliano believes that the digital asset is negatively correlated with every other major asset class.

“[Morgan Creek Digital] has been banging the drum for over a year now saying that this is a non-correlated asymmetric asset. If you look at times of global instability like in May, where we are lobbing tariff threats and the trade wars are going on, bitcoin is up 55 percent. It’s got a negative correlation, -0.9 to S&P negative -0.8 to gold.”

O’Leary questioned this claim by saying:

“If this is really such a great idea, why is there really only one Vegas game working?” 

O’Leary also revealed that two years back, he purchased $100 worth of cryptocurrencies like bitcoin, bitcoin cash, XRP, ethereum, and stellar lumens. His holdings are down by 70%.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ether, Ripple: Crypto starship starts the engines, pointing beyond limits

Yesterday, Ether made a strong impact and shot its dominance level up 10%, easily surpassing the SMA200 and registering one of the most significant upward movements in one day since records began.

More Bitcoin News

Ripple's Price Analysis: XRP/USD struggles to settle above $0.2000 amid improved market sentiments

XRP/USD is changing hands marginally above $0.2000 with over 10% of gains since this time on Monday. The third-largest digital asset with the current market value of $9 billion 

More Ripple News

Ethereum Price Analysis: ETH/USD skyrockets above $170.00, next target $200.00

ETH/USD jumped above $176.00 during early Asian hours as the bullish momentum increased after the coin broke above the psychological $150.00.

More Ethereum News

EOS Price Analysis: EOS/USD bulls aim to take the price above $2.80

EOS/USD had a hugely Monday as the price jumped from $2.35 to $2.76. The price has increased a little more to $2.794 in the early hours of Tuesday. The bulls also managed to break past ...

More EOS News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

Read the weekly forecast

BTC

ETH

XRP