Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has shared his cryptocurrency investment strategy. He revealed that 20% of his portfolio is now in cryptocurrencies and blockchain. “The whole point is you don’t know who is going to win.”
Kevin O’Leary’s Cryptocurrency Investment Strategy
O’Shares ETFs chairman and Shark Tank star Kevin O’Leary has shared his crypto investment strategy in an interview with CNBC Friday.
Firstly, he said one-fifth of his investment holdings are tied up in cryptocurrencies or companies operating in the crypto space. Mr. Wonderful said:
I have millions of dollars, 20% of my portfolio is now in cryptocurrencies and blockchain.
O’Leary was asked whether some cryptocurrencies will be around in a decade. Noting that he factored that risk into his strategy, the Shark Tank star emphasized:
You have to be diversified. I own 32 different positions, including equity FTX itself.
O’Leary became a paid ambassador and spokesperson for FTX, the crypto exchange founded by 30-year-old billionaire Sam Bankman-Fried, in August last year.
The Shark Tank star elaborated:
The whole point is you don’t know who is going to win. Is Ethereum going to win? Is Solana going to win? Is it Helium or is it Avalanche? I own them all.
Commenting on the executive order on the regulation of cryptocurrency signed by President Joe Biden Wednesday, Mr. Wonderful said: “It wasn’t an all-out ban, so that’s good news.”
Many people in the crypto industry welcome Biden’s executive order. Some say it provides legitimacy to crypto while others are glad that it does not contain extremely restrictive measures they had anticipated.
However, O’Leary expressed concerns about the way Biden’s directive includes an emphasis on climate risks associated with cryptocurrency. He said he sold his positions in publicly traded bitcoin mining firms after Biden’s executive order.
Last week, the celebrity investor revealed that he had a meeting with a group of U.S. senators regarding cryptocurrency regulations, particularly how they apply to institutional investors. He has been saying for quite some time that the price of bitcoin will “appreciate dramatically” when institutions are able to invest in cryptocurrency. He expects that it would take two to three years.
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