‘Shark Tank’ star and famend investor Kevin O’Leary has likened investing in Dogecoin (CRYPTO: DOGE) to playing and stated the meme cryptocurrency could also be thought-about simply an “leisure” because it has no inherent worth.
What Occurred: “While you speculate on one thing like Dogecoin, that’s no totally different than going to Las Vegas and placing your cash on purple or black,” O’Leary said in an interview with CNBC.
See additionally: How To Buy Dogecoin (DOGE)
O’Leary, chairman of O’Shares ETFs, famous that in contrast to investments in shares, there isn’t a knowledgeable choice making when an individual invests in Dogecoin and the client merely hopes that the cryptocurrency’s value will rise.
The Canadian investing star additionally revealed that 10% of his working firm’s holdings are made up of digital tokens together with Bitcoin (CRYPTO: BTC), ether (CRYPTO: ETH) and USD Coin (CRYPTO: USDC). He added he doesn’t plan so as to add Dogecoin to his portfolio.
Why It Issues: Created as a joke cryptocurrency in 2013, Dogecoin has gained in recognition this yr, thanks partially to the unstinted assist of Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk. The altcoin’s recognition has additionally led to the creation of a number of Dogecoin imitators.
The Shiba Inu-themed cryptocurrency’s year-to-date beneficial properties stand at a formidable 3,568%. Nonetheless, the costs of cryptocurrencies, together with Dogecoin, are seeing excessive volatility in latest months.
Musk boasts greater than 58 million followers on Twitter and his tweets on Dogecoin typically have an amazing affect on the worth of the meme cryptocurrency. This prompted the U.S. Securities and Alternate Fee in Might to caution investors to not make funding choices simply primarily based on movie star endorsements.
Value Motion: Dogecoin is up 2.2% over the last 24 hours, buying and selling at $0.2090 at press time.
Photograph: By Dustin Blitchok. Benzinga CEO Jason Raznick, left, and O’Shares ETF Investments Chairman Kevin O’Leary at Benzinga’s Detroit headquarters in 2018.