Mr. Wonderful’s Crypto Pivot: From Skeptic to Shoveler 🦑

by

Once a crypto curmudgeon, Kevin O’Leary has executed a volte-face of Olympian proportions. Now a Bitzero shareholder, he’s mining Bitcoin like a Victorian gold rush entrepreneur with a spreadsheet.

In a podcast with BeInCrypto, the “Shark Tank” savant declared the crypto cycle “here to stay”-a phrase that sounds suspiciously like corporate jargon, but we’ll allow it. His investments? A quartet of digital assets: Bitcoin, Ethereum, stablecoins, and the mining industry. Bitzero’s CEO, Mohammed Bakhashwain, waxed lyrical about clean energy, as if Bitcoin mining were a spa day for the planet.

Kevin O’Leary’s metamorphosis from crypto heretic to apostle mirrors the journey of many investors who’ve traded their suit jackets for NFT avatars. Six years ago, he dismissed Bitcoin as “worthless”-a sentiment now as quaint as a horse-drawn carriage at a Tesla launch. His portfolio, once devoid of digital assets, now glitters with tokens and a research team. Progress, it seems, is a matter of timing.

“I’ve trimmed my crypto holdings from 27 positions to three-a decision as bold as trimming one’s mustache with a guillotine,” O’Leary declared, as if financial minimalism were a new form of asceticism. “Bitcoin and Ethereum, plus a stablecoin for liquidity… That’s all I need.”

His earlier skepticism? Blamed on regulatory fog. “Back then, regulators were as welcoming as a bear in a beehive,” he explained. But when Switzerland and Canada legalized Bitcoin ETFs, he pivoted faster than a hedge fund manager spotting a meme stock.

The BTC vs. ETH Conundrum

O’Leary allocates 2.5% of his portfolio to Bitcoin and Ethereum, treating them like a Victorian gentleman’s pocket watch and a pocket square. Bakhashwain praised Bitcoin’s inflation-hedging prowess, calling it “simple, secure, and perfect for treasuries.” O’Leary, meanwhile, sees Ethereum as the “Genius Act” of blockchain, where Wall Street’s transactions now occur “on chain, like a digital ledger written in glitter.”

“My two largest positions are Bitcoin and Ethereum-90% of the crypto market. I generate yield on them like dividends or bond interest. That’s why I call them the true gold…

– Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) September 2, 2025

“Bitcoin is like gold-narrower upside, but Kevin calls it the ‘granddaddy.’ Ethereum, though, is where the party happens,” he said, as if describing a financial black-tie event.

Ethereum’s allure? Staking, wrapping Bitcoin, and earning yield. O’Leary’s enthusiasm is palpable, though one wonders if he’s ever actually mined a token or just mastered the art of the keynote.

Picks, Shovels, and Power Plants

O’Leary’s strategy isn’t just about tokens; it’s about owning the infrastructure. Bitzero, he insists, is the “picks and shovels” of Bitcoin mining-a company that mines Bitcoin and operates as a power plant. Because nothing says “long-term vision” like combining cryptocurrency with electricity bills.

“If I had to invest in gold 300 years ago, I’d own gold miners, jeans manufacturers, and shovels. Bitzero is my modern-day equivalent,” he said, as if the 21st century needed more shovels.

Bitzero’s secret sauce? Cheap, clean energy. In Norway and Finland, they mine Bitcoin using surplus hydroelectric power-because nothing says “sustainability” like exploiting excess energy that would otherwise “go to waste.”

I ask myself, “What do I buy that is really the picks and shovels? And what do I buy that is actually a direct ownership of the tech equivalent to, let’s say, a stablecoin or Bitcoin itself?” My conclusion has been if I wanna play the long-term, the next five years or even 10…

– Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) August 18, 2025

“Bitzero has the lowest-cost power in the industry. Without low-cost power, Bitcoin mining is like baking a soufflé in a hurricane.”

Bakhashwain added that Bitzero’s operations benefit local communities by generating revenue for municipalities. It’s a win-win: Bitcoin mining funds public libraries, and residents never notice their electricity rates spiking. A utopian fantasy, perhaps?

Avoiding the US Gridlock

Bakhashwain and O’Leary agree that the US is a regulatory quagmire for Bitcoin miners. Bitzero, instead, thrives in Norway’s surplus hydroelectric power, where mining is as easy as stealing electricity from a dam. It’s a strategy that avoids the bureaucratic tango of American permits and state-by-state grid politics.

“Other miners are paying top dollar for US grid access, while we’re sipping coffee in Norway,” O’Leary said, as if geopolitical strategy were a matter of choosing the right latte.

Bitzero’s green credentials are also a shield against accusations of “greenwashing.” After all, using surplus energy is as eco-friendly as recycling a single-use plastic bottle.

A Warning to the Crypto Industry

O’Leary’s final counsel? Avoid leverage like a teetotaler avoids a tavern. He blames recent crypto failures on “poor financial management,” not the tokens themselves. His leverage ratio? A modest 30%, because nothing says “prudence” like betting your future on a 30% margin.

“Anybody with 60% leverage ends up selling equity to survive. I live off 30%, so even if interest rates spike or Bitcoin crashes, I’m still sipping my scotch.”

His strategy? Wait for over-leveraged competitors to blow up, then buy their assets cheap. “It’s predator work,” he said, as if investing were a nature documentary.

“I’m the guy who waits for the idiot manager to blow up with too much leverage. That’s how I buy my assets.”

O’Leary’s recipe for success? A stable business model, cautious risk-taking, and a dash of schadenfreude. Because in crypto, the best returns come from others’ misfortunes-and a well-timed tweet.

Read More

2025-09-05 21:45