Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has shared his cryptocurrency investment strategy. He revealed that 20% of his portfolio is now in cryptocurrencies and blockchain. “The whole point is you don’t know who is 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.
Firstly, he said one-fifth of his investment holdings are tied up in 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 that crypto accounted for 10% of his portfolio. His investments in cryptocurrency exceeded his gold investments 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 diversified. I own 32 different positions, including equity FTX 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 elaborated:
The whole point is you don’t know who is going to win. Is Ethereum going to win? Is Solana going to 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 provides legitimacy to crypto while others are glad that it does not contain extremely restrictive measures 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 celebrity investor revealed that he had a meeting with a group of U.S. senators regarding cryptocurrency regulations, particularly how they apply to institutional investors. He has been saying for quite some time that the price of bitcoin will “appreciate dramatically” when institutions are able to invest in cryptocurrency. He expects that it would take two to three years.
