Shark Tank star Kevin O'Leary, aka Mr. Wonderful, shared his cryptocurrency investment strategy. He revealed that 20% of his portfolio is now in cryptocurrencies and blockchain. "The key is you don't know who's going to win."
Kevin O'Leary's Cryptocurrency Investment Strategy
O'Shares ETF Chairman and Shark Tank star Kevin O'Leary shared his cryptocurrency investment strategy in an interview with CNBC on Friday.
First, he said that one-fifth of his investment assets are related to cryptocurrencies or companies operating in the cryptocurrency space. Mr. Wonderful said.
I have millions of dollars and 20% of my portfolio is now cryptocurrency and blockchain.
Last November, he said cryptocurrencies made up 10% of his portfolio. Last October, for the first time, his investments in cryptocurrencies surpassed those in gold.
O'Leary was asked if some cryptocurrencies will be around in a decade. The Shark Tank star noted that he incorporates this risk into his strategy, stressing that
You have to be diverse. I have 32 different positions, including FTX itself.
O'Leary became a paid ambassador and spokesperson for FTX, the cryptocurrency exchange founded by 30-year-old billionaire Sam Bankman-Fried in August of last year.
The Shark Tank star elaborated.
The point is that you don’t know who will win. Will Ether win? Will Solana win? Will it be Helium or Avalanche? I own them.
Commenting on the executive order on cryptocurrency regulation signed by President Joe Biden on Wednesday, Mr. Wonderful said, "It's not a blanket ban, so that's good news."
Many in the cryptocurrency industry have welcomed Biden's executive order. Some say it provides legitimacy to cryptocurrencies, while others are glad it doesn't contain the extremely strict measures they expected.
However, O'Leary expressed concern about the way Biden's directive highlighted the climate risks associated with cryptocurrencies. He said he sold his positions in publicly traded bitcoin mining companies under Biden's executive order.
Last week, the celebrity investor revealed that he had a meeting with a group of U.S. senators about cryptocurrency regulations, specifically how they apply to institutional investors. For a long time, he has been saying that the price of bitcoin will "appreciate significantly" when institutions are able to invest in cryptocurrencies. He expects this to take two to three years.
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