Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says he’s not selling any of his cryptocurrencies despite the downturn in the crypto market. “In the long run, you just have to endure it. You have to understand that you will 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 turmoil in the crypto market, O’Leary said:
I’m not selling anything… In the long run you just have to endure it. You have to understand that you get volatility and that some projects will not work.
O’Leary currently holds 32 positions in digital assets, according to the publication. He is also a strategic investor in Wonderfi Technologies. The crypto platform received conditional approval to list its shares on the Toronto Stock Exchange (TSX) last week.
In an interview with Bankless published last week, O’Leary said his largest holdings are currently Ethereum and Bitcoin. However, he added: “I also have a large position in USDC [and] a large position in FTX as a stock.” He also mentioned Polygon and Solana. Stressing the importance of diversification, he said about eight weeks ago that his crypto holdings made up about 21% of his portfolio. Now it’s only about 18%, he said, elaborating:
There has been a major correction in the market, but you need to hold your nose and get used to the volatility.
The Shark Tank star explained that recent crypto meltdowns, such as the implosion of cryptocurrency Terra (LUNA) and algorithmic stablecoin Terrausd (UST), offer valuable lessons to investors.
The demise of UST “taught everyone that this isn’t the way to build a stablecoin,” he said, emphasizing that “it’s important for the formation and maturation of the market.”
O’Leary added that the collapse of a crypto token would not have a major impact on global financial markets. He mean:
It’s nothing, a rounding error in the context of a government asset. It’s bad for investors, but they’ve educated the market on what not to do. It’s a good thing.
Mr. Wonderful has said trillions of dollars will flow into crypto “if we get guidelines and the regulator regulates.” He also believes that within 10 years crypto will be the 12th sector of the US economy.
What do you think of Kevin O’Leary’s comments? Let us know in the comment section below.
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