50
views

Kevin O’Leary Says He’s 10% Allocated To Cryptocurrency

Media personality and entrepreneur Kevin O’Leary recently revealed that 10% of his portfolio goes to cryptocurrency. This comes after the investor derided the asset class years ago, with words that he now says he’ll “never live down”.

O’Leary Treats Crypto As A Serious Investment

The Shark Tank star revealed his crypto holdings yesterday during a Reddit talk session. He said that he opened up to the asset class as international regulators showed their approval and created industry frameworks. With that, he realized that cryptocurrencies “were not going away.” So, he became active in the space, even purchasing shares in crypto exchange FTX, where he now holds his assets.

His actions are a substantial turnaround from his attitude in 2019, when he called Bitcoin a “scam” and “total BS”. However, as CryptoAdventure reported in September, O’Leary had 3% of his portfolio in crypto at the start of the year. He intended to increase this share to 7% by the end of 2021. However, due to the bullish crypto market in the last few months, that share has already risen to nearly 10%.

Kevin O'Leary: The No. 1 mistake that can destroy your business
Kevin O’Leary. Source: CNBC

“It’s not just Bitcoin,” said O’Leary. “Crypto, level 1 and level 2 chains, decentralized wallets – these are all assets that should be considered in an investment portfolio.”

Bitcoin recently touched multiple all-time highs, but altcoins are following behind it. Ethereum is now trading at over $4700, and Solana has achieved a larger market cap than Tether.

O’Leary acknowledged the rising inflation as a contributor to Bitcoin’s price appreciation. Two days ago, October’s inflation numbers became public, showing the CPI had increased over 6.2% since October 2020. Almost immediately, Bitcoin’s price went up and touched $69,000, before coming down to $63k.

Which Cryptos Did He Buy?

O’Leary was unwilling to disclose which specific cryptos he has invested so far. However, he said that he would soon be investing in some competing, developing blockchains.

“I don’t know who’s gonna win – I’m not making the assumption. Some people think the game is over and Ethereum is it. I don’t agree. I think for financial services there are many other alternatives, whether that be Solana, or Polygon, or others.”

Bitcoin live price
Btc
Bitcoin
$42.923
price
0.76985%
price change
BUY NOW

The entrepreneur believes Ethereum’s slowness has left open a massive window for competing chains to take market share. Overall, he is staying diversified and believes “the software” of crypto will be disruptive to markets worldwide.

Stay up to date with our latest articles