Will Ethereum Flip Bitcoin? Kevin O’Leary says sovereign wealth funds will determine the top crypto by market cap
Prominent venture capitalist Kevin O’Leary believes that a certain group of deep-pocketed investors will determine whether Bitcoin (BTC) remains the top crypto asset by market cap.
In a recent episode of Crypto Banter, the Shark Tank star says he has a hard time believing that Ethereum (ETH) will usurp Bitcoin and become the cryptocurrency king.
“When I speak to state assets, I don’t care if it’s Norway, UAE (United Arab Emirates) or Saudi, they want bitcoin. You haven’t gotten to the analysis we just went through. They want Bitcoin’s proxy, and they want that volatility…
if [ETH] becomes the default platform for other digital assets, that will help. But in the short term, requiring 1% to 3% of a portfolio is standard. These sovereign wealth portfolios look like this: no more than 20% in any one sector, no more than 5% in any name…
If you ask them if you could buy a digital asset, what would it be and what allocation. It’s about 50 basis points on the low end up to 300 basis points on the high end. And 99% of the time they say bitcoin. That’s all they know.”
O’Leary adds that sovereign wealth funds are just waiting for a clear regulatory framework before diving into Bitcoin.
“It will be a while before that demand comes in and I think it would be number two. And they sure like USDC, and they love Solana, Polygon. They move down the list based on market cap. I get it, but right now, if we had guidelines for bitcoin, I swear to you, in two weeks time, the price will be $60,000.”
At the time of writing, BTC is changing hands at $24,756 and ETH is trading at $1,987.
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