By CCN: When it comes to ignorant allegations about bitcoin, Shark Tank’s Kevin O’Leary took the cake this week, managing to hit every wrong button in trying to bash the suddenly-resurgent cryptocurrency.
Kevin O’Leary: Bitcoin a ‘Scam’ & ‘Total BS’
O’Leary, also known as “Mr. Wonderful,” tried to debate bitcoin enthusiast Anthony “Pomp” Pompliano on CNBC’s SquawkBox Tuesday. The co-founder and partner at Morgan Creek Digital crushed him like a cockroach, which is precisely what O’Leary calls entrepreneurial hopefuls’ ideas when he viciously shoots them down.
In bashing bitcoin, O’Leary dug deep into his bag of insults, lambasting it as a “digital game,” a “scam,” and “total BS.”
He said to Pompliano:
“Where is the value in owning bitcoin as an asset class? Tell me why this, which is basically a digital game, has any intrinsic value. And where is the long-term value? Just this idea that they’re going to cut the number of units in half is just a scam. That’s just total BS.”
Pompliano tried to bring O’Leary up to speed, but the reality television star kept interrupting him, which could explain his ignorance on the space.
When Pompliano said that bitcoin is a disruptive technology, Mr. Wonderful chirped there is “an odor of BS” about that explanation, too.
An incredibly patient Pompliano continued:
“Everything that’s new seems different right in the beginning. And I think what you have to realize is with bitcoin specifically, money is a belief system. So, for the US dollar, the only reason you and I use it is because we believe it has value.