'Mr. Wonderful' Kevin O'Leary calls bitcoin 'garbage' in a takedown of the whole cryptocurrency industry.
"To me, it's garbage, because you can't get in and out of it in large amounts."
That's because the receiver of the cryptocurrency wants some guarantee of its value, he explained.
He ran into this when he tried to use bitcoin to buy Swiss real estate and was unsuccessful.
"Let's say you want to buy a piece of real estate for $10 million in Switzerland," said O'Leary, known as "Mr. Wonderful."
"They want a guarantee that the value comes back to the U.S. currency," he added. "You have to somehow hedge the risk of bitcoin. That means it's not a real currency. That means the receiver is not willing to take the risk of the volatility it has. It's worthless."
Bitcoin has been on a tear since the start of the year, with its value increasing more than 120%. On Tuesday morning, the cryptocurrency topped $8,325, according to data posted on the website CoinDesk.
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