O'Leary Reenters Crypto Market, Sees Bitcoin as Institutional Asset

Kevin O'Leary has announced he is buying crypto again and expects Bitcoin (BTC) to claim 1% to 3% of institutional alternative-asset allocations. The venture capitalist made this statement at the Avalanche Summit in New York, where he emphasized that the next phase of crypto investing involves figuring out which blockchain will achieve broad adoption.

O'Leary believes the first major stock exchange to adopt a blockchain is a pivotal moment for the industry, and expects other exchanges to follow suit. He cited Intercontinental Exchange's investment in tZERO and licensing its blockchain patents as an example of this trend.

The O'Leary Ventures chairman also expressed his expectation that lawmakers will revive market structure legislation after the midterm elections, which would force the issue back onto the agenda. The Digital Asset Tax Certainty Act has already been advanced by the House Ways and Means Committee in a 38-5 vote.