Celebrity investor says Middle Eastern sovereign funds will pump crypto surge

Famous investor Kevin O’Leary claimed that sovereign funds in Saudi Arabia and the UAE represent the “real opportunity” for transforming the crypto marketplace, speaking in a recent interview with Anthony Pompliano on The Best Business Show.

O’Leary, also known as “Mr. Wonderful” on ABC TV series “Shark Tank,” highlighted the group of investors he believes will be most impactful in growing the crypto markets. Sovereign funds in the Middle East represent a massive and transformative opportunity for digital assets, the Canadian investor said.

As The Daily Hodl reported, O’Leary said:

“The real opportunity is not with the family offices or hedge funds that operate out of the Middle East. The real money is in the actual sovereign funds in both Saudi Arabia and the United Arab Emirates. It’s billions and billions and billions of dollars,” he claimed, adding:

“They have not allocated to crypto yet. When that happens, you’ll see it reflected in the price of Bitcoin. There’s no question about it. They have such long-term views in those funds, and the funds are so large.”

By O’Leary words, a 1% allocation from Saudi and UAE sovereign funds could have a massive impact on the crypto markets. The famed investor explained their strategy, claiming the funds are disciplined and follow a principle of “risk diversification” that generally does not exceed 5% in a single asset or stock.

Further, O’Leary said that the funds represented some of the “largest pools of capital in the world” and that a multi-billion dollar mandate could send the price of Bitcoin skyrocketing. The Shark Tank star was in contact with several of the Middle Eastern investors, and they would “immediately go to 1% to 3% on Bitcoin alone,” as he stated. Previously, the celebrity investor said he expects a “trillion dollars” more to flow into Bitcoin in the next couple of years. O’Leary claimed he wants to more than double his cryptocurrency holdings from 3% of his portfolio to 7% by the end of 2021. He also sees cryptocurrencies becoming an institutional asset class.