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On Sunday’s episode of ABC’s Shark Tank, entrepreneur Dmitri Love pitched his app that turns your spare change into Bitcoin, and an impressed Kevin O’Leary invested. Shark Tank is an American reality TV series that allows aspiring entrepreneurs to pitch their ideas to a panel of successful investors.
Love asked for $100,00 in exchange for a 10% stake in his company, called Bundil. Lowe started his pitch with the story of his journey to creating the app. He talked about his time in university 3 years prior when he had suffered a knee injury through his avid soccer playing. The injury left him indoors and out of a hobby to keep his body and mind active, that’s when he decided to learn to code. Dmitri taught himself to code and went on to become a software engineer.
“I’m a web developer myself, and I wanted to invest in cryptocurrency, and my family also wanted to invest,” Dmitri explained to the sharks. This is a sentiment shared by many people; cryptocurrency continues to climb the ranks in terms of popularity, and it looks to be the way the world is heading. However, many people don’t know how to invest or where to begin. Dmitri’s app is an accessible and grounded way of bridging that gap.
The Bundil app works by automatically investing the user’s spare change into Bitcoin, allowing your Bitcoin wallet to grow without you feeling like you’re investing. Psychologically this is likely to be a popular way to encourage the masses to start on their Bitcoin journey. Often with investing, people are wary of taking a risk, especially in a digital currency they are not familiar with, this risk is substantially reduced by investing spare change or little amounts of money.
Not all the Sharks in the tank were onboard with the idea. American Inventor Lori Greiner was suspicious of cryptocurrency in general and isn’t sure its the future. Dallas Mavericks (NBA) owner Mark Cuban declined to invest because he is already invested in a similar venture and felt this would be a conflict of interest. The others also opted out, citing concerns about the volatile nature of bitcoin.
Canadian businessman Kevin O’Leary, though, was interested and offered Love the full $100,000, but for a 50% stake. Dmitri snapped up the offer, after initially being cautious about the large stake. Kevin seems excited about the venture, although he did cite the shot lifespan of many apps being a concern of his.