Shark Tank Star Kevin O’Leary Says Most Crypto Tokens Are Worthless – “They’ll Eventually Fall To Zero” CryptoGlobe

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Shark Tank star Kevin O’Leary aka Mr. Wonderful says most crypto tokens are worthless and will eventually drop to zero. He added that he now owns seven cryptocurrencies and is getting the same volatility as when he owned 32 crypto tokens before the FTX crypto exchange collapsed.

O’Leary: Most Crypto Tokens Are Worthless

Kevin O’Leary shared his views on cryptocurrency investing in an interview with Scott Melker on the Wolf of All Streets podcast, released on Tuesday. He said:

10,000 tokens, most of them worthless. They will eventually drop to zero due to lack of volatility and lack of volume. They are irrelevant.

According to some data providers, there are currently around 10,000 cryptocurrencies. Coinmarketcap, however, displays a total of 22,476 crypto tokens.

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has also repeatedly stated that most crypto tokens will fail. He recently urged investors not to get caught up in fear of missing out (FOMO).

Portfolio diversification

O’Leary added that he had zeroed in on all of his crypto investments when FTX filed for bankruptcy in November last year. The Shark Tank star only used FTX because he was a spokesperson for the exchange. FTX paid him $15 million to be its spokesperson.

While the FTX bankruptcy case is still ongoing, Mr. Wonderful said, “In the meantime, to bring back our allocation, we simply went into the market and bought new positions in bitcoin, polygon, ethereum, HBAR, just a few seven posts. »

He explained, “We went back to look at our portfolio volatility before FTX and now after FTX. We had 32 positions before FTX collapsed, now we have seven and we get exactly the same volatility with a fraction of the actual number of tickers. The Shark Tank star continued, “So you don’t have to own everything to be exposed to crypto volatility,” stating:

You don’t need more than seven, you get the same volatility.

Following FTX’s collapse, O’Leary was heavily criticized for his continued support of disgraced founder Sam Bankman-Fried (SBF). He said he would back SBF again if he had another business, insisting that the former CEO of FTX was a successful crypto trader.

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Do you agree with Kevin O’Leary that most crypto tokens are worthless? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

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