Investing in a meme coin like Dogecoin is like putting your funds in red or black in a casino, said popular investor – Kevin O’Leary. In a recent interview, he went even further, stating that it had no inherent value and should be classified as pure speculation.
Kevin O’Leary: Dogecoin is pure speculation
The token, which was born in 2013, gained popularity in 2021 because it received support from Elon Musk and later from other celebrities. When its price shot to historic highs of $ 0.75, some sounded cautious that it was nothing more than a bubble that was prone to bursting.
Canadian businessman Kevin O’Leary, probably best known for his participation as one of the investors in the reality TV show Shark Tank, apparently supports the second narrative. In an interview with CNBC, he outlined the differences between Dogecoin and other blockchain projects that are in fact of inherent value, such as Etheruem, Solana and BTC.
He believes that investing is largely a game of speculation, but with different aspects. For example, if people allocate funds to stocks, they “speculate that profit estimates will be met.”
“When you speculate on something like Dogecoin – it’s no different from visiting Las Vegas and betting money on red or black – it’s pure speculation.”
Everything is speculation
As mentioned above, Kevin O’Leary considers “all investment to be speculation.” He believes that buying only fiat currencies can provide some people with a better night’s sleep, but in reality they would slowly lose their investment due to inflation.
Buying and holding a particular asset is speculation and cryptocurrencies are no exception. However, their infamous volatility may be too extreme for some investors.
As a result, O’Leary, who recently said that BTC as a top digital asset will never replace anything, recommended that investors consider their cryptocurrencies to be speculation and recall that nothing is guaranteed in the markets.