Shark Tank's Kevin O'Leary has a shocking response to MicroStrategy
Shark Tank judge "Mr. Wonderful" Kevin O'Leary criticized MicroStrategy, now Strategy, founder and executive chairman Michael Saylor for the firm's aggressive Bitcoin acquisition.
O'Leary criticized Saylor's Bitcoin advocacy as self-serving and said, "Michael Saylor is talking about his book."
"Mr. Wonderful" was talking to SkyBridge Capital founder Anthony Scaramucci when he made the remarks.
O'Leary said that MicroStrategy leverages stock, preferred shares, and debt to acquire Bitcoin, and its shares trade at twice the value of the firm's underlying Bitcoin holdings. Such a business model doesn't offer long-term viability, he added.
As reported earlier, Strategy purchased 1,895 BTC last week, and it now holds 555,450 BTC worth $52.5 billion. The firm is the world's largest corporate Bitcoin holder.
Meanwhile, the Shark Tank star also dismissed the possibility of the creation of the U.S. strategic Bitcoin reserve. 'Strategic Bitcoin reserve will never happen," he said and underlined the lack of bipartisan support in the Congress and the alleged self-serving advocacy from entrepreneurs like Saylor.
Notably, Senator Cynthia Lummis (R-WY) reintroduced the BITCOIN bill on March 11. The bill proposes that the government acquire 1 million BTC to strengthen the dollar and reduce national debt.
If passed, it would pave the way forward for President Donald Trump's executive order to establish the Bitcoin reserve.
Scaramucci, on the other hand, said the bill could potentially boost the U.S. economy. He agreed that bipartisan support for the bill is critical and should be sought within the next six months. Otherwise, a change in government could lead to a reversal of the bill if it is passed with unilateral Republican support.
As per Kraken's price feed, Bitcoin was trading at $94,640.43 at press time.
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