Shark Tank star Kevin O’Leary aka Mr. Wonderful has shared his cryptocurrency investing strategy. He revealed that 20% of his portfolio is now in cryptocurrencies and blockchain. “The thing is, you don’t know who’s going to win.”
Kevin O’Leary’s Cryptocurrency Investment Strategy
Kevin O’Leary, chairman of O’Shares ETFs and star of Shark Tank, shared his crypto investing strategy in an interview with CNBC on Friday.
First, he said that a fifth of his investment holdings were tied to 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.
In November last year, he said crypto made up 10% of his portfolio. His investments in cryptocurrency surpassed his investments in gold for the first time in October last year.
O’Leary was asked if some cryptocurrencies will be around a decade from now. Noting that he factored this risk into his strategy, the Shark Tank star pointed out:
You have to be diverse. I own 32 different positions including FTX equity 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 explained:
The thing is, you don’t know who’s going to win. Will Ethereum win? Will Solana win? Is it Helium or is it Avalanche? I own them all.
Commenting on the executive order on cryptocurrency regulation signed by President Joe Biden on Wednesday, Mr. Wonderful said, “It wasn’t a total ban, so that’s good news.”
Many people in the crypto industry welcome Biden’s executive order. Some say it lends legitimacy to crypto while others are happy that it does not contain extremely restrictive measures that they had anticipated.
However, O’Leary has expressed concerns about how Biden’s directive emphasizes the climate risks associated with cryptocurrency. He said he sold his positions in publicly traded bitcoin mining companies after Biden’s executive order.
Last week, the famous investor revealed that he had a meeting with a group of US senators regarding cryptocurrency regulation, specifically how it applies to institutional investors. He has been saying for some time that the price of bitcoin will “appreciate significantly” when institutions are able to invest in the cryptocurrency. He expects it to take two to three years.
What do you think of Kevin O’Leary’s comments? Let us know in the comments section below.
An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.