Investor and Shark Tank personality Kevin O’Leary has said that the majority of alternative cryptocurrencies are now obsolete.
In an X post dated December 6, O’Leary shared a firm market assessment, arguing that increasing regulation and institutional capital are driving a necessary consolidation in the market.
He said that the focus has definitively shifted to the compliance and stability offered by Bitcoin and Ethereum, which he claims currently account for over 90% of the market’s performance.
The end of “poopoo coins”
Kevin O’Leary’s assessment was direct, specifically targeting thousands of smaller crypto projects. He stated, “Most of these altcoins, what I call poopoo coins are done.” He cited clear market data to support his claim, pointing out that with regulatory clarity emerging and major financial institutions preparing to enter the space, the vast majority of performance is captured by the two largest digital assets.
According to him, the data shows that “Bitcoin and Ethereum capture over 90% of the market’s performance.” He said that market fundamentals are signaling a sharp departure from the speculative past.
Shifting from speculation to institutional focus
O’Leary’s remarks follow an extended time marked by intense speculation and growth across thousands of “altcoins.” He has been a sometimes controversial voice in the cryptocurrency space, transitioning from early skepticism to active investment. He has frequently emphasized the importance of well-regulated, compliant investments.
Looking ahead, he views this trend of consolidation as beneficial for the long-term health of the industry. He firmly believes that large investors have no appetite for risky, niche assets that lack regulatory certainty or global price uniformity. He declared that “the big money wants compliance, stability, and global pricing, not speculative rat coins.”
Consequently, he argues that the decline of noncompliant and unstable assets is a necessary correction. O’Leary summarized his outlook by concluding, “This is the cleansing the crypto market needed. Only Bitcoin and Ethereum survive.”
His assessment signals a future where Bitcoin and Ethereum dominate market activity, driving out thousands of competitors in the process of financial maturation.
Also Read: Bitcoin Must Lead Before Altcoins Follow, Says Wintermute
