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Kevin O’Leary Reveals Crypto Strategy, Why He Prefers Ethereum, Says NFTs Will Be Bigger Than Bitcoin – Featured Bitcoin News

Kevin O'Leary Reveals Crypto Strategy, Why He Prefers Ethereum, Says NFTs Will Be Bigger Than Bitcoin
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Shark Tank star Kevin O’Leary, aka Mr. Wonderful, on his cryptocurrency investment strategy and the currencies he owns. He also discussed crypto market bubbles, diversification, regulation, and why he thinks non-fungible tokens (NFTs) will be bigger than bitcoin.

Kevin O’Leary discusses his investments in crypto, market bubbles, and NFTs

Shark Tank star Kevin O’Leary discusses cryptocurrency, his portfolio, diversification, market bubbles, meme coins, and non-fungible tokens (NFTs) in a recent interview with Forbes published Friday.

He explained that he views “the entire crypto industry as software development teams,” adding that he’s betting on “really strong creative software engineers.” While talking about his cryptocurrency holdings, he revealed:

Ether is my biggest hub, and bigger than bitcoin.

The Shark Tank star described: “This is because a lot of services and financial transactions happen in it.” “Even new software is being developed like Polygon that integrates transactions and lowers the overall cost in terms of gas fees on Ethereum.”

Then O’Leary mentioned some of the cryptocurrencies he owns, saying:

I own hedera, polygon, bitcoin, ethereum, solana and serum – these are bets on software development teams and there are many, many use cases for them.

Furthermore, Mr. Wonderfull added that he holds an “important and material position in USDC,” noting that he has “begin to pay for the assets and get money from the stablecoin.”

“Ultimately, what determines the success and value of a platform is the speed and level of adoption. It happens when the team develops a platform that solves an economic problem.”

O’Leary set out to give his opinion on the crypto-meme. Noting that “long-term coins that have no economic value are because they do not solve anything or create any value,” he cautioned:

I am very skeptical of meme coins in the long run.

The Shark Tank star was also asked if he thinks Bitcoin or other cryptocurrencies are in a bubble. He replied: What we must realize is that the market is the market. Nobody can manipulate it, even though people claim they can… It’s millions of decisions made every second in terms of the value of the thing. And it applies to every market, whether it be tulips, watches, bitcoin, real estate, or gold.”

Noting that “in the long run, it’s a fool’s game and you can’t win it,” he emphasized:

You can’t tell when it’s a bubble, you simply can’t. And if you think you do, you are completely wrong.

O’Leary believes in portfolio diversification. The cryptocurrency portion of his portfolio is growing. He explained that at one point “cryptocurrency could be up to 20% of my operating company — but now it’s about 10.5%.” He explained:

Within this wallet, not a single coin or token chain has more than 5% of that wallet. So yeah, I add and trim based on volatility.

Plus, he said he’s taking a lot of risks. “Most of my trades are on hold now,” he confirmed, noting that he uses cryptocurrency exchange FTX for storage. Wonderful announced in October that he would take a stake in a cryptocurrency exchange and be “paid in cryptocurrencies to act as an ambassador and spokesperson for FTX.”

When asked if there is a chance that the US Securities and Exchange Commission (SEC) will be able to determine some of the cryptocurrency he owns to be securities and what he will do if that happens, O’Leary immediately replied:

The moment this information comes out, I won’t want to do anything with them. If I had a position I would sell it. I have no interest in getting into a fight with regulators over my cryptocurrency portfolio. I want to be 100% compatible.

He said the same about XRP in November. XRP is the subject of a SEC lawsuit against Ripple Labs and its CEOs, Brad Garlinghouse and Chris Larsen. “I have no interest in investing in litigation against the Securities and Exchange Commission. This is a very bad idea,” he stressed.

O’Leary also discussed non-fungible tokens (NFTs). “It brings great value around authentication, inventory management, and all kinds of use cases in different asset classes,” he said, adding:

I think non-fungible tokens will be bigger than bitcoin.

He proceeded to draw attention to his NFT project. “I prefer NFTs tied to hard and physical assets; the one I’m developing a technical document for is Watchmaking.” “I made a material investment in Jordan Fried’s company, Immutable Holdings, which owns nft.com, which he launched in January, as well as Wonderfi.”

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bitcoin bubble bitcoin bubbles crypto bubbles diversification kevin olery kevin olery bitcoin kevin olery cryptocurrencies kevin olery kevin olery holding cryptocurrencies meme coins meme cryptocurrencies nft non-fungi tokens and collectibles Wallet, Shark Tank

What do you think of Kevin O’Leary’s comments? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, found bitcoin in 2011 and has been a missionary ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

photo credits: Shutterstock, Pixabay, Wikicommons

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