‘Shark Tank’ star and famend investor Kevin O’Leary has likened investing in Dogecoin (CRYPTO: DOGE) to playing and mentioned the meme cryptocurrency could also be thought of 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 pink 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 help 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 positive factors stand at a powerful 3,568%. Nevertheless, the costs of cryptocurrencies, together with Dogecoin, are seeing excessive volatility in current months.
Musk boasts greater than 58 million followers on Twitter and his tweets on Dogecoin typically have an amazing influence on the value of the meme cryptocurrency. This prompted the U.S. Securities and Trade Fee in Could to caution investors to not make funding selections simply based mostly on superstar endorsements.
Worth Motion: Dogecoin is up 2.2% over the last 24 hours, buying and selling at $0.2090 at press time.
Picture: By Dustin Blitchok. Benzinga CEO Jason Raznick, left, and O’Shares ETF Investments Chairman Kevin O’Leary at Benzinga’s Detroit headquarters in 2018.