all about cryptop referances
Shark Tank star Kevin O’Leary, also known as Mr. Wonderful, says that most crypto tokens are worthless and will eventually drop to zero in value. He added that he now owns seven cryptocurrencies, and he gets the same volatility that he got when he owned 32 crypto tokens before the collapse of the crypto exchange FTX.
Kevin O’Leary shared his views on cryptocurrency investing in an interview with Scott Melker on the Wolf of All Streets podcast, published Tuesday. He said:
10,000 tokens, most of them worthless. They will eventually just go to zero due to lack of volatility and lack of volume. They are irrelevant.
According to some data providers, there are currently around 10,000 cryptocurrencies. However, Coinmarketcap lists a total of 22,476 crypto tokens.
The chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, has also said on several occasions that most crypto-tokens will fail. He recently urged investors not to get caught up in the fear of missing out (FOMO).
O’Leary added that he marked all his crypto investments down to zero when FTX filed for bankruptcy last November. The Shark Tank star exclusively used FTX because he was a spokesperson for the exchange. FTX paid him $15 million to be its spokesperson.
While the FTX bankruptcy case is still ongoing, Mr. Wonderful said, “In the meantime, to bring back our allocation, we simply went into the market and bought new positions in bitcoin, polygon, ethereum, HBAR, just a few – seven positions. “
He explained: “We went back to look at the volatility of our portfolio pre-FTX and now post-FTX. We had 32 positions before the FTX collapse, we now have seven and we get exactly the same volatility with a fraction of the actual number of ticks. » The Shark Tank star continued, “So you don’t have to own everything to be exposed to crypto volatility,” elaborating:
You don’t need more than seven, you get the same volatility.
After the meltdown of FTX, O’Leary was heavily criticized for his continued support of disgraced founder Sam Bankman-Fried (SBF). He said he would back SBF again if he had another venture, and insisted the former FTX boss was a brilliant crypto trader.
Do you agree with Kevin O’Leary that most crypto tokens are worthless? Let us know in the comments section below.
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