Kevin O’Leary, the Canadian businessman, and author, possibly best known for his participation as one of the hosts in the reality TV show Shark Tank, apparently supports the second narrative.
In an interview with CNBC, he explained the differences between Dogecoin and other blockchain projects with inherent value, such as Etheruem, Solana, and Bitcoin.
Kevin O’Leary says he does not consider dogecoin an investment. “I don’t participate in that kind of thing. I don’t understand why anybody would,” he said.
He added that investing in dogecoin is similar to gambling in Las Vegas, and that he may not even call it “investment” at all.
Investing in a meme coin like Dogecoin is like betting on red or black at a casino, according to popular investor Kevin O’Leary. In a recent interview, he went even farther, claiming that it had no inherent value and should be categorised as pure speculation.
“When you speculate on something like dogecoin, that’s no different than going to Las Vegas and putting your money on red or black. It’s pure speculation”, he said
He argues that while owning solely fiat currencies may let some people sleep better, they will really lose money since they will no longer be able to match even inflation.
As a result, O’Leary, who previously stated that nothing will ever replace Bitcoin as the top digital asset, advised investors to regard their crypto holdings as speculation and warned them that nothing in the markets is guaranteed.