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Shark Tank star Kevin O’Leary aka Mr. Wonderful shared his cryptocurrency investment strategy and the coins he owns. He also discussed bubbles in the crypto market, diversification, regulation, and why he thinks non-fungible tokens (NFTs) will be bigger than bitcoin.
Kevin O’Leary discusses his crypto investments, market bubbles and NFTs
Shark Tank star Kevin O’Leary discussed cryptocurrency, its investment portfolio, diversification, market bubbles, coins and non-fungible tokens (NFTs) in a recent interview with Forbes, published Friday.
He explained that he sees “the entire crypto industry as software development teams”, adding that he is betting on “really strong creative software engineers.” Speaking about his cryptocurrency holdings, he revealed:
Ether is my biggest position, bigger than bitcoin.
“It’s because so many financial services and transactions are done there,” the Shark Tank star explained. “Even new software is being developed like Polygon that consolidates transactions and lowers the overall cost in terms of gas fees on Ethereum.”
O’Leary then mentioned some of the cryptocurrencies he owns, stating:
I own hedera, polygon, bitcoin, ethereum, solana, serum – these are bets on software development teams and there are many use cases for them.
Further, Mr. Wonderful added that he held “a large and important position in USDC”, noting that he “is starting to pay for assets and get paid in stablecoin”.
“Ultimately what determines the success and value of the platform is the speed and level of adoption. It happens when the team has developed a platform that solves an economic problem, ”he said.
O’Leary then gave his opinion on the cryptocurrencies meme. Noting that “long-term coins that have no economic value are due to not solving anything and creating no value,” he warned:
I am very skeptical of even long term coins.
The Shark Tank star was also asked if he thinks bitcoin or other cryptocurrencies are in a bubble. He replied, “What you have to understand is that the market is the market. No one can manipulate it, even if people claim the power… There are millions of decisions made every second in terms of value. And this applies to all markets, be it 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 said:
You can’t tell when it’s a bubble, you just can’t. And if you think so, you are completely wrong.
O’Leary believes in portfolio diversification. The cryptocurrency portion of his wallet has increased. He detailed that at one point the cryptocurrency “could reach 20% of my operating company – but at the moment it’s around 10.5%”. He precised :
In this wallet, there is no coin or symbolic chain representing more than 5% of this wallet. So yes, I actively add and cut based on volatility.
Plus, he said he does a lot of staking. “Most of my positions are now staked,” he confirmed, noting that he uses the FTX crypto exchange for staking. Mr. Wonderful announced in October that he was taking a stake in the crypto exchange and would be “paid in crypto to serve as an ambassador and spokesperson for FTX.”
When asked if it was possible for the United States Securities and Exchange Commission (SEC) to determine that some of the cryptocurrencies it owns are securities and what it will do if that happens, O’Leary quickly responded:
The minute the information gets out, I won’t want anything to do with them. If I had a job, I would sell it. I have no interest in conflicting with regulators over my crypto wallet. I want to be 100% compliant.
He said the same about XRP in November. XRP is the subject of a lawsuit with the SEC against Ripple Labs and its executives, Brad Garlinghouse and Chris Larsen. “I have no interest in investing in litigation against the SEC. It’s a very bad idea, “he said.
O’Leary also discussed non-fungible tokens (NFTs). “They offer so much value around authentication, inventory management and all kinds of use cases across different asset classes,” he described, adding:
I think non-fungible tokens are going to be bigger than bitcoin.
He then drew attention to his NFT project. “I prefer NFTs linked to durable assets, to physical assets; the one I’m working on developing a white paper for is the watch industry, ”he said. “I made a significant investment in Jordan Fried’s company Immutable Holdings, which owns nft.com, which it launches in January, as well as Wonderfi.”
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