Kevin O’ Leary Just Spent $100K as Investment in BTC App
For decades, experts have always been searching for ways to invest in projects that lack the required resources and eventually make money. A few years ago, an app called Lawnmower was implemented; it would allow its users to invest using spare change to purchase very small amounts of BTC. More cryptocurrencies were later added to the app, but currently, it is not available on the market anymore. For conventional investing, an app called Acorns is quite popular, in which users invest in the ordinary stock market.
Opportunities to invest passively are crucial to the modern financial scene. People often would hire a person to manage their finances for them. But fraud had occurred continuously during that time and blockchain technology makes these occurrences very rare.
O’Leary Invests $100,000
Kevin O’Leary has always been made fun of on Shark Tanks by his fellow investors for hardly ever actually investing on the show. When Lawnmower was offered, the other sharks withdrew. Mark Cuban, the obvious choice, had already invested in a similar app by the same developer, Dmitri Love, called Bundil, so he was not interested in another one. O’Leary became Love’s very last hope. The app was offered at a 10% stake in his firm for $100 K, so the app was valued at $1 M.
O’Leary wasn’t nice to Love on the show, as he never is to anyone. He asked what were the compatible cryptocurrencies on the app and Love answered that it currently supports BTC, LTC, and ETH. The shark called for 50% ownership of the company in return for $100 K, which immediately devalues it by 80%. O’Leary bluntly told him his company would fail in a matter of 36 months.
It was proposed by Matt Higgins to Love that he should be looking to partner with already existing exchange platforms in order to broaden his reach. Cuban commented that if he does that he’d be effectively killing his business as he tries to evolve it.
Following these comments, only O’Leary remained as a potential investor and further implied that he wants to be a 50% partner for $100 K or he would also withdraw. Love did not seem pleased about that offer, saying that a 50/50 partnership is too much; however, he agreed to it anyway. In effect, this deal means that Bundil currently has quite a popular investor within its reach.
Bundil was first designed by Love after many of his family and friends continuously bothered him about the hardships of investing in crypto. Acquiring cryptocurrencies is another hassle; by the time users actually get them and have the coins within their reach, they sometimes lose interest after that.
Bundil now costs $3 on a monthly basis or $24 a year. The user chooses their preferred payment method and starts slowly growing BTC balance. For those short on cash, apps like Bundil are the most realistic method to get involved in the impressive world of cryptos.