Kevin O’Leary Says He’s Doubled Down on Crypto in Downtime, Names Bitcoin, Ethereum and Three Altcoins
Shark Tank star Kevin O’Leary reveals he took advantage of the market downturn to increase his crypto holdings.
In a new interview with Stansberry Research, O’Leary says his crypto portfolio suffered a double-digit decline, but he took it as an opportunity to buy the dip.
“We got hit. We were at 20% [of the portfolio] and then it grew up to 23%. It then dropped to 16% of the portfolio. It was really fleeting. But I’ve always said that you’re going to get this volatility in an industry that’s not regulated because there’s no institutional bid.
So probably at the lowest we were at 15%. We lost 40% of the value and now we have come back on some projects. And they have not all returned at the same pace.
The big players, the big market caps like Bitcoin (BTC), like Ethereum (ETH), like Solana (SOL), like Polygon (MATIC) and Hedera (HBAR), in some cases we doubled down. We took advantage of the extreme volatility and the big names like ETH, like Bitcoin. Why not add the position if you are going to stay for a long time?”
According to the venture capitalist, the “real problem” currently facing cryptoassets is the lack of institutional participation.
“This asset class is not correlated with anything that people thought. It’s not correlated with inflation yet.
But the real issue…it’s really a gauge of where the institutional buyer is. And right now, zero. They have no Bitcoin.
Anyone who tells you that the sovereign’s institutions own it is full of shit.”
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