Shark Tank star Kevin O’Leary reveals he took advantage of the market downturn to add to his crypto holdings.
In a new interview with Stansberry Research, O’Leary says his cryptoportfolio suffered a double-digit loss, but took this as an opportunity to buy the drop.
“We took a hit. We were at 20% [of the portfolio] and then it grew to 23%. Then it went down to 16% of the portfolio. It was really volatile. But I’ve always said that you’re going to get that volatility in an industry that’s unregulated because there’s no institutional offering.
So probably bottom, we were at 15%. We’ve lost 40% of the value and we’ve come back up on a few projects now. And they haven’t all come back at the same pace.
The big players, the big market cap names like Bitcoin (BTC)to like Ethereum (ETH)how Solana (SOL)how Polygon (MATIC) and Hedera (HBAR), we have doubled in some cases. We took advantage of the extreme volatility and the large cap names like ETH, like Bitcoin. Why not top up the position if you plan to stay long?”
According to the venture capitalist, the “real problem” that crypto assets are currently facing is the lack of institutional involvement.
“This asset class is uncorrelated to anything like people thought. It’s not with that yet inflation correlated.
But the real problem…it’s really a gauge of where the institutional buyer is. And at the moment zero. You don’t have bitcoin.
Anyone telling you it belongs to the institutions of sovereigns is full of poo poo.”
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Source: Crypto News Deutsch