• Kevin O’Leary claims that investing in Dogecoin is worse than gambling

  • Investing in a meme coin like Dogecoin is like betting on red or black in a casino, according to Kevin O’Leary, a well-known investor. In a recent interview, he went even farther, claiming that it had no intrinsic value and should be categorized as pure speculation.

    Dogecoin is purely speculative, according to O’Leary.

    The meme token, which was created in 2013, grew in popularity in 2021 as a result of regular social media engagements from Elon Musk initially and later from other celebrities. However, as its price soared to an all-time high of $0.75, some warned that it was nothing more than a speculative bubble that would eventually explode.

    Kevin O’Leary, a Canadian businessman and author best known for his role as one of the hosts on the reality television show Shark Tank, appears to be in favor of the second narrative.

    He explained the contrasts between Dogecoin and other blockchain initiatives with intrinsic value, such as Etheruem, Solana, and Bitcoin.

    He feels that investing is a significant part of a game of speculation, but that there are other components to it. People who invest in stocks, for example, are “speculating that profit projections will be met.”

    “Speculating on something like Dogecoin is no different than betting on red or black in Las Vegas — it’s just speculation.”

    DOGE has “no inherent value other than what people choose to do as they speculate,” he added, classifying it as “entertainment.” As a result, he and his colleagues came to the conclusion that they do not control any part of the meme coin.

    Everything is a guess.

    As previously stated, O’Leary views “all investing as speculation.” He believes that while buying just fiat currencies may help some people sleep easier, they will lose money since they will no longer be able to keep up with inflation.

    Rather, buying and holding a certain asset is speculative, even if it appears to be safe on paper. Cryptocurrencies are no different, as their well-known volatility may be too much for certain investors.

    As a result, O’Leary, who previously stated that nothing will ever be able to replace Bitcoin as the most valuable digital asset, recommended investors to regard their crypto holdings as speculative and to remember that nothing in the markets is guaranteed.

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