Shark Tank star Kevin O’Leary, aka Mr. Amazing says he won’t sell his cryptos despite the market slump. “Long term, you just have to stomach it. You have to understand you’ll get volatility,” he stressed.
Kevin O’Leary: I’m Not Selling Anything
Shark Tank star Kevin O’Leary talked about bitcoin and other cryptocurrencies in an interview with the Insider, published Saturday.
Commenting on the crypto market turmoil, O’Leary said:
I’m not selling anything … Long term you just have to stomach it. You have to understand you’ll get volatility, and that some projects aren’t going to work.
O’Leary currently holds 32 positions in the digital asset space, the publication conveyed. Wonderfi Technologies is his strategic investor. This crypto platform has been granted conditional approval for its share listing on the Toronto Stock Exchange (TSX).
In an interview with Bankless, published last week, O’Leary said that his largest holdings right now are ethereum and bitcoin. However, he added, “I also have a big position in USDC [and] a big position in FTX as an equity.” He additionally mentioned polygon and solana. He stressed the importance diversification and stated that his crypto holdings made up approximately 21% of his portfolio eight weeks ago. Now, it’s down to about 18%, he said, elaborating:
There’s been a big correction in the market but you’ve got to hold your nose and get used to the volatility.
Shark Tank Star explained how recent crypto collapses such as implosions of cryptocurrency terra(LUNA) or algorithmic stablecoin terrausd UST provide investors with valuable lessons.
The demise of UST “educated everybody that this isn’t the way to build a stablecoin,” he said, emphasizing that “It’s important for the education and the maturation of the market.”
O’Leary added that the collapse of a crypto token does not have a big impact on global financial markets. He stated that:
It’s nothing, a rounding error in the context of a sovereign wealth. It’s bad for investors, but they’ve educated the market on what not to do. It’s a good thing.
Mr. Wonderful has been saying that trillions of dollars will flood into crypto “when we get policy and the regulator regulates.” He also believes that crypto will be the 12th sector of the U.S. economy within 10 years.
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