Cryptocurrency Financial Advisors

Billionaire Bitcoiners: Kevin O’Leary and Carl Icahn Embrace the Crypto Ecosystem

While uncertainty flooded the global financial markets over the course of 2020 and 2021, one thing rang true: crypto is a force to be reckoned with. Now, boomers and billionaires alike are finally waking to crypto’s place in the future of our world. The past year has seen a number of previously bearish Wall Street oligarchs and renowned investors changing their minds on the utility of the asset class. Most recently, Shark Tank’s Kevin O’Leary and billionaire investor Carl Icahn are the latest to join the fun.

Crypto evangelist Anthony Pompliano recently hosted O’Leary on The Pomp Podcast, where they discussed O’Leary’s strategy to generate yield on his Bitcoin and DeFi holdings. O’Leary, who once called Bitcoin “garbage” spoke to his plan to allocate up to 5% of his portfolio’s fiat into a DeFi strategy. When asked if he would ever want to revert back to fiat after his crypto allocation, O’Leary confidently stated, “I don’t want to go back, why would I?” Coming back on his prior denial of crypto’s viability, O’Leary’s change of heart is telling of many traditional investors’ newfound revelation toward crypto’s utility and potential as a store of value asset. Like O’Leary, we expect to see further divestment from fiat in traditional portfolios as inflation sets in, followed by a redistribution into crypto assets to offer better opportunities for yield.

Billionaire investor and once crypto-skeptic Carl Icahn joined the masses this past week as he also expressed interest in the crypto market as a whole, indicating that he could allocate up to $1.5 billion dollars into crypto as the ecosystem develops. Once comparing the rise of crypto to the 18th Mississippi land bubble that crashed the European stock market, Icahn stated in his interview with Coindesk that crypto is here to stay in one way or another, a promising statement from the traditionally conservative investor.

The rising interest of billionaire investors and famed opinion leaders is the validation that crypto needs to be adopted at scale. With Elon Musk, Michael Saylor, Mark Cuban, Kevin O’Leary and Carl Icahn now in support of crypto as an asset class, the list of supporters will continue to grow exponentially. At Sarson Funds, we are here to educate and update our audience on all things crypto in order to provide the most relevant, up to date information on the industry for financial advisors, accredited investors, and Wall Street professionals. For more on us, please visit www.sarsonfunds.com and follow us on LinkedIn and Twitter.

By Liam McDonald

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