Shark Tank star Kevin O’Leary, aka Mr. Wonderful, his way of investing his digital money and coins. He also examined cryptocurrency market bubbles, diversification, regulation, and why he thinks non-fungible tokens (NFTs) will be bigger than bitcoin. Shark Tank star Kevin O’Leary spoke about digital money, his portfolio, diversification, market bubbles, meme coins and non-fungible tokens (NFTs) in a new meeting with Forbes, distributed Friday.
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.”
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 crypto holdings, he revealed: Ether is my biggest hub, and bigger than Bitcoin.
Then O’Leary mentioned some of the cryptocurrencies he owns, saying:
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.”
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.
“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,” he stressed: You can’t tell when the bubble is, 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 that wallet, no single coin or chain accounts for more than 5% of that wallet. So yeah, I add and trim based on the 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 the FTX crypto exchange 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 that 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 dispute with the 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.
- Kevin O’Leary reveals crypto strategy, why he prefers Ethereum, says NFT will be bigger than Bitcoin
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