“Shark Tank” investor Kevin O’Leary, aka Mr. Wonderful doesn’t suffer in the cryptocurrency bear market. He even thinks that this will support the entire Bitcoin and altcoin industry in the long run. Here are O’Leary’s latest comments…
Kevin O’Leary invests in Bitcoin and altcoins
The venture capitalist acknowledges that not every investment will be a winning bet. However, he has announced his investment in various Web3 projects, including Bitcoin and Ethereum. O’Leary said, “I’m not selling anything. In the long run you have to put up with it. “You have to understand that there will be volatility and some projects will not work.” His portfolio more broadly reflects his rise to blockchain technologies. It currently holds 32 positions in the cryptocurrency space, including Solana (SOL) and Polygon (MATIC). He also has investments in the stablecoin USD Coin (USDC). He states that he holds shares in the cryptocurrency exchange FTX.
Meanwhile, O’Leary-backed WonderFi has become the first crypto trading platform to be listed on the Toronto Stock Exchange. However, as the crypto bear market reduces valuations; He said that crypto assets accounted for 16 percent now, up from 20 percent six months ago. Still, his long-term view is that Bockchain has economic value. As Cryptokoin.com reported in April, he said that investing in cryptocurrencies is like investing in software.
What will be the future of the crypto industry?
Recent crypto crashes, such as those of stablecoin TerraUSD (UST) and sister token Luna, are events that have taught investors to be cautious, O’Leary said. He even noted that it could further assist the technology that supports cryptos. He stated that no one will produce stablecoins like the stablecoin UST anymore. He added that in the context of global financial markets, the collapse of a token would not change the status quo even if tens of billions of dollars disappeared from the market and some investors lost money. But he explained that the lessons learned are solid.
O’Leary said that smaller projects that fail will help strengthen the market, and that projects that falter can eventually be regulated. Such collapses can also help show that crypto selling has bottomed, as a “descriptive capitulation” will signal the beginning of a recovery. As a result, the seasoned investor is betting not only on crypto or Blockchain, but also on the human resources he sees piling up in the industry.
O’Leary says, “Look at a class of MIT graduate engineers. The smartest people want to work on Blockchain. So there is much of the best intellectual capital in the world solving bad results in the chain. Why don’t you expect this to work?” used the phrases.
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