Shark Tank star Kevin O’Leary reveals he took advantage of the market downturn to add to his cryptocurrency holdings.
In a new interview with Stansberry Research, O’Leary says that his crypto portfolio suffered a double-digit decline, but he used it as an opportunity to buy the dip.
“We took a hit. we were at 20% [of the portfolio] and then increased up to 23%. It then dropped to 16% of the portfolio. It was really unstable. But I’ve always said that you’re going to have that volatility in an unregulated industry because there’s no institutional supply.
So probably at the low end, we were at 15%. We lost 40% of the value and are now back on some projects. And not everyone has returned at the same pace.
The big players, the big cap names like Bitcoin (BTC), like Ethereum (ETH), like Solana (SOL), like Polygon (MATIC) and Hedera (HBAR), in some cases we doubled. We took advantage of the extreme volatility and large cap names like ETH, like Bitcoin. Why not add to the place if you’re going to stay a long time?’
According to the entrepreneur, the “real problem” currently facing crypto assets is the lack of institutional participation.
“This asset class is not as correlated to anything as people thought. It is not yet correlated with inflation.
But the real problem… it’s really a gauge of where the institutional buyer is. And right now, zero. They don’t have Bitcoin.
Anyone who tells you that the institutions of the sovereign own it, is full of poo-poo.”
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