It appears that Shark Tank investor Kevin O’Leary no longer thinks bitcoin is “garbage.” The chairman of O’Shares ETF told Yahoo Finance Live that he’s allocated 3% of his portfolio to the world’s largest cryptocurrency after his native Canada, and a handful of other countries, eased restrictions on institutional buying of the asset.
The cryptocurrency, which started as a joke in 2013, has rallied this week as internet users tried to push the value of the coin to $1 (£0.72).
Bitcoin continues to gyrate within a relatively tight range between 53K and 58K which renders swing trade ideas unattractive. The reason is this price area is highly random and Bitcoin can push higher or lower with an equal probability more or less. In other words, it’s a coin flip, and in order to justify the current risk, Bitcoin needs to make a significant effort.