Kevin O’Leary Outlines Bear Market Strategy, Says He’s Selling These Underwater Cryptos to Invest in Bitcoin
Shark Tank investor Kevin O’Leary says he is implementing a new investment strategy for his crypto holdings as digital assets remain in a bear market.
In a new interview with Daniela Cambone of Stansberry Research, O’Leary outlines the crypto investment steps he’s taking toward the end of the year.
He says he plans to sell crypto investments that are currently underwater and invest most, if not all, of those funds in Bitcoin (BTC).
“Well, I do what a lot of other traders do. I go into the November period with over 34 different positions on, many of them underwater. So naturally, what to do, now that the IRS and other regulators around the world now looking at crypto in terms of tax compensation very much like a security, I have to trade.
So I’m going to trade, take some of the projects that have been decimated down 40%, 50%, 60%, 70%, 80%, 90%, sell those and basically buy what I consider the granddaddy index of all crypto , Bitcoin.”
O’Leary says he may also add some more Ethereum (ETH) to his crypto investment portfolio, saying that in the bear market, the crypto projects with the biggest market caps are the safest bets. He also predicts a price correlation between ETH scaling solution Polygon (MATIC) and ETH tier-1 rival Solana (SOL).
“So I can go through tax season and own more Bitcoin. I will. Maybe a little more Ethereum. But basically it’s the big exchange names that matter. So if you’re going to create a basket of names to hold through the back end of the year, I say it’s going to be Bitcoin, Ethereum, Polygon and Solana.
You know these are huge market cap names and I think they’re going to index together. I don’t think any of these break out of the pack. They all act together. So if you’re only going to own one, it’s probably Bitcoin. But everyone else trades in tandem with Bitcoin anyway.”
At the time of writing, Bitcoin is trading hands at $19,191.
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