Kevin O'Leary Calls Investing In Dogecoin Like Gambling In Las Vegas

JAKARTA - The star of the reality show Shark Tank that aired on the ABC channel, Kevin O'Leary revealed that he was not interested in Dogecoin. He said that he was surprised at how many people invested in the cryptocurrency Dogecoin (DOGE).

“I don't participate in that kind of thing. I don't understand why anyone would, but it's their own choice”, O'Leary said in an interview with CNBC International some time ago.

Reporting from Bitcoin.com News, O'Leary said that investing in Dogecoin is like gambling in Las Vegas. He explained that when someone invests in stocks, they are betting on the company's ability to carry out its business plan to achieve its goals.

In addition, he also revealed that there was no right decision-making in the development of Dogecoin. The reason is that buyers only expect an increase in the price of cryptocurrencies. On the other hand, he also added that DOGE has an unlimited supply, this is different from Bitcoin.

"Maybe you should think of it as entertainment because there's no value attached to it other than what other people want to do when they speculate".

He also explained that when someone speculates about a price, it is like gambling.

“When you're speculating about something like dogecoin, it's no different than going to Las Vegas and putting your money on red or black. This is pure speculation", he added.

Data from Coinmarketcap reveals that DOGE is among the top 10 cryptocurrencies based on market capitalization. Dogecoin is under Cardano, XRP, and USDC. DOGE occupies the eighth position of the cryptocurrency. Currently, the price of DOGE is trading at the level of IDR 2.976.