Canadian Billionaire "Betting on Sports Cards Instead of Bitcoin (BTC)"...Why?

▲ Sports card, Bitcoin (BTC), Ethereum (ETH)/AI-generated image

Canadian billionaire Kevin O'Leary, known as a Bitcoin (BTC) investor, has announced that he will allocate 5% of his portfolio to rare sports cards this time.

According to crypto media outlet BeInCrypto on September 13 (local time), O'Leary chose rare sports cards as a new alternative asset. An investment group he participated in purchased a Shohei Ohtani card for $11 million on the 8th. This card contains a piece of Ohtani's actual game-worn uniform and is the only one of its kind.

O'Leary's investment logic resembles the scarcity emphasized by Bitcoin holders. The US M2 money supply reached $23.22 trillion in July. O'Leary argued that one should hold assets that central banks cannot print additionally. He said, "I see sports collectibles as an alternative asset," adding, "The strategy is to hold multiple top-tier cards, diversify them like an index, and achieve long-term compound returns."

O'Leary is purchasing cards through Secure Collectibles with collector Shyne and entrepreneur Paul Warshaw. They call their holdings the WonderShyne Index. The amount invested so far is approximately $100 million. However, the criteria for composing this index are set directly by O'Leary, and it is not yet confirmed whether external investors can participate.

Price appreciation is also not yet a realized gain. Michael Jordan and Kobe Bryant cards, purchased for $12.93 million, are valued at approximately $17.05 million on Card Ladder. O'Leary has stated that he will not sell these cards. Unlike rare cards, cryptocurrencies have the difference of being relatively easy to sell and convert into cash.

O'Leary's cryptocurrency investments have also been significantly streamlined. He currently maintains only three cryptocurrency positions. In April, he stated that Bitcoin and Ethereum (ETH) accounted for 90% of his total cryptocurrency investment. The expansion into rare sports card investments is not a move to abandon Bitcoin but rather a choice to broaden his scarcity-focused investment strategy into other areas.

[Article Key Summary]

-Kevin O'Leary announced that he would allocate approximately 5% of his total portfolio to rare sports cards.

-The investment group he participated in purchased a rare Shohei Ohtani card for $11 million, with total card investments reaching approximately $100 million.

-O'Leary reduced his cryptocurrency positions to three, stating that Bitcoin and Ethereum account for 90% of those investments.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*