Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says he has not sold any of his cryptocurrencies despite the crypto market downturn.” In the long run, you just have to be patient with it. You have to understand that you get volatility,” he stressed.
Kevin O’Leary: I’m not selling anything
Shark Tank star Kevin O’Leary spoke about Bitcoin and other cryptocurrencies in an interview with Insider published Saturday.
Commenting on the crypto market turmoil, O’Leary said.
I’m not selling anything … In the long run you just have to be patient with it. You need to understand that you get volatility and some projects don’t work out.
O’Leary currently has 32 positions in digital assets, the magazine said. He is also a strategic investor in Wonderfi Technologies. The crypto platform received conditional approval last week to list its shares on the Toronto Stock Exchange (TSX).
In an interview with Bankless published last week, O’Leary said his largest holdings currently are in Ethereum and Bitcoin. However, he added, “I also have a large position in USDC [and] a large position in FTX as a stock.” He added. He also mentioned Polygon and Solana. Emphasizing the importance of diversification, he said that about eight weeks ago, his crypto holdings were about 21% of his portfolio. Now it is down to about 18%, he said, elaborating.
There have been big adjustments in the market, but you have to hold your nose and get used to the volatility.
The Shark Tank star explained that recent crypto collapses, including the collapse of cryptocurrency Terra (LUNA) and Algorithmic Stable Cointelausd (UST), offer valuable lessons for investors.
He said the demise of UST “educated everyone that this is not the way to build stablecoins” and stressed that it is “important for education and market maturity.”
O’Leary added that the collapse of crypto tokens will not have a significant impact on global financial markets. He opined.
It is nothing but a rounding error in the context of sovereign wealth. It’s bad for investors, but it educated the market on what not to do. It’s a good thing.
Mr. Wonderful has stated that trillions of dollars will flow into crypto “once the policy is set and regulators regulate it.” He also believes that crypto will become the 12th largest sector of the U.S. economy within a decade.
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