A celebrity investor known on ABC’s “Shark Tank” as “Mr. Wonderful”, Kevin O’Leary, has stated that he is buying cryptocurrency price drops and adding to his Bitcoin ($BTC) and Ethereum classic ($ETC) positions, as well as commenting on how to deal with the crypto market sell-off.
“Long Term You Just Have to Stomach It,” he said.
O’Leary told Business Insider that he sees the crypto market dip as a good thing and that he’s doubling down on BTC, ETH, and other cryptocurrencies tied to Web 3 projects, though he acknowledges that not all of his bets will pay off.
According to O’Leary, “I’m not selling anything. Long term you just have to stomach it. You have to understand you’ll get volatility, and that some projects aren’t going to work.”
32 different cryptocurrency holdings, including Solana ($SOL) and Polygon ($MATIC), are apparently part of the businessman’s portfolio. O’Leary-backed cryptocurrency trading company WonderFi recently made history by becoming the first company to trade on the Toronto Stock Exchange.
His portfolio’s ratio of digital assets has decreased from 20% six months ago to 16% as a result of the bear market in cryptocurrencies. O’Leary disclosed in April that he had also invested in Avalanche ($AVAX), and that his investments “include equity and FTX itself,” according to CryptoGlobe.
The businessman thinks that as soon as there is greater regulatory clarity, bitcoin usage will really take off in the United States. He predicted that allocations to the cryptocurrency space would rise after that.
Institutions will first migrate into BTC, he claimed, and then they will move to other crypto assets. He claimed that because of these allocations, Bitcoin’s value might surge to $300,000.
The recent collapse of Terra, according to O’Leary, is an example of an incident that teaches investors to exercise caution and can aid in the growth of digital assets because “no one’s going to use their idea again.”
Everyone has been “educated that this isn’t the way to build a stablecoin,” he claimed, as a result of the collapse.
He claims that Terra’s collapse won’t significantly alter the state of the world’s financial markets, remarking “It’s nothing, a rounding error in the context of a sovereign wealth. It’s bad for investors, but they’ve educated the market on what not to do. It’s a good thing.”
According to O’Leary, smaller ventures failing strengthen the market, and breakdowns can help identify market bottoms since a “defining capitulation” will herald the beginning of a rebound.
Despite the excitement surrounding cryptocurrencies like BTC, O’Leary has claimed that most institutions don’t own a single coin and won’t until “their compliance departments allow for the ESG standards to tick the box on that and of course be compliant on the asset class itself.”
The leading cryptocurrency has been added to the balance sheets of a number of businesses, including MicroStrategy, Tesla, Block, Marathon Digital Holdings, and KPMG Canada. A few investment funds have also increased their exposure to BTC through Grayscale’s Bitcoin Trust (GBTC). Subscribe to The Crypto Times for more Crypto Market Insights!!