Kevin O’Leary Wants to Buy TikTok, Talks Potential For Crypto Payments On The Platform

Kevin O’Leary Wants to Buy TikTok, Talks Crypto Payment Potential on the Platform

Kevin O’Leary, famous for his venture capital investments and hosting “Shark Tank,” is also a strong advocate of crypto. He currently holds a “5% weighting” of Bitcoin in his portfolio and has invested in numerous crypto businesses. But the Canadian investor has his sights set on his biggest investment yet and wants to incorporate crypto.

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O’Leary has been outspoken about his desire to acquire TikTok, the sixth-largest social media platform. The platform’s popularity has grown over the past few years, reaching more than 1.2 billion monthly active users. However, the US government has pressured TikTok’s parent company, ByteDance, to sell the company or face a possible ban in the US. The law gives ByteDance 270 days to sell TikTok, otherwise it could face serious consequences, the biggest of which would be a ban. In the US, the deadline for ByteDance to leave TikTok is January 19, 2025. However, President Joe Biden , may extend this period by 90 days if it believes that ByteDance has made significant progress towards the sale.

This law has raised questions about which organizations could potentially acquire TikTok. O’Leary said in a post about I recommend it.”

O’Leary highlights a controversial issue regarding TikTok: Whether the company will use the data it collects to spy on Americans. While the evidence is inconclusive as to whether ByteDance and the Chinese Communist Party (CCP) are spying on American users, there is evidence that the CCP has influence over ByteDance and all other businesses under its jurisdiction. Regardless, the US government views TikTok as a potential national security threat, leading to calls for ByteDance to sell TikTok.

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In a Web3 podcast, O’Leary talked about his desire to acquire TikTok and potentially introduce crypto payments to the platform. He noted that crypto usage “needs to be compliant, transparent and auditable, so users know who is sending and receiving transactions. I provide that. I think that’s the potential of such a big platform.”

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In addition to crypto payments, the TikTok creator fund, which pays users to post content that does well, can also leverage crypto. Since TikTok has users all over the world, allowing creators to earn crypto could be beneficial because it would increase people’s ability to access funds and send gifts to others on livestreams.

If O’Leary buys TikTok and includes crypto payments, it could lead to significant adoption by users, especially Generation Z, who make up a significant portion of TikTok’s user base.

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Kevin O’Leary Wants to Buy TikTok, Talks Crypto Payment Potential on Platform This article was first published on Benzinga.com

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