Shark Tank star Kevin O’Leary is not a fan of Bitcoin. He talked about a transaction where he tried to buy property using Bitcoin in Switzerland. “Try and do a transaction of $100,000 in Bitcoin,” says O’Leary. “I tried to do some real estate in Switzerland with it once. It is a useless currency. They want a guarantee that the value comes back to US currency at $10 million. You have to somehow hedge the risk of Bitcoin. That means it’s not a real currency.”
Kevin O’Leary, a successful entrepreneur and Shark Tank host, discusses the difficulties of using Bitcoin as a currency on CNBC:
Bitcoin is Worthless
Try and do a transaction of $100,000 in Bitcoin,” says Shark Tank star Kevin O’Leary. I tried to do some real estate in Switzerland with it once. It is a useless currency. That’s what I believe. I realize that people have different opinions but to me it’s garbage. You can’t get in and out of it in large amounts. Some will say, “Yes you can.” But what happens is the receiver wants some guarantee. Let’s say you want to buy a piece of real estate for $10 million in Switzerland and they don’t want to use the traditional transfer system.
This is illegal by the way because you have to disclose why you’re transferring $10 million to Switzerland. They want a guarantee that the value comes back to US currency at $10 million. You have to somehow hedge the risk of Bitcoin. That means it’s not a real currency. That means the receiver is not willing to take the risk of the volatility it has. It’s worthless. I believe that.