Shark Tank star Kevin O’Leary, aka Mr. Fantastic, says that the majority crypto tokens are nugatory and they’re going to ultimately drop to zero in worth. He added that he now owns seven cryptocurrencies and he’s getting the identical volatility he did when he owned 32 crypto tokens previous to the collapse of crypto trade FTX.
O’Leary: Most Crypto Tokens Are Nugatory
Kevin O’Leary shared his view on cryptocurrency investing in an interview with Scott Melker on the Wolf of All Streets podcast, revealed Tuesday. He mentioned:
10,000 tokens, most of them nugatory. They’ll ultimately simply go to zero due to lack of volatility and lack of quantity. They’re irrelevant.
In response to some knowledge suppliers, there are at the moment about 10,000 cryptocurrencies. Coinmarketcap, nonetheless, exhibits a complete of twenty-two,476 crypto tokens.
The chairman of the U.S. Securities and Alternate Fee (SEC), Gary Gensler, additionally mentioned on a number of events that most crypto tokens will fail. He not too long ago urged buyers to not get caught up within the worry of lacking out (FOMO).
Portfolio Diversification
O’Leary added that he marked all his crypto investments right down to zero when FTX filed for chapter in November final 12 months. The Shark Tank star solely used FTX as a result of he was a spokesperson for the trade. FTX paid him $15 million to be its spokesperson.
Whereas the FTX chapter case continues to be occurring, Mr. Fantastic mentioned: “Within the interim, to carry again our allocation, we merely went into the market and purchased new positions in bitcoin, polygon, ethereum, HBAR, only a few — seven positions.”
He defined: “We went again to take a look at the volatility of our portfolio pre-FTX and now post-FTX. We had 32 positions on pre-FTX collapse, we now have seven and we’re getting the very same volatility with a fraction of the particular variety of tickers.” The Shark Tank star continued, “So that you don’t must personal all the pieces to be uncovered to crypto volatility,” elaborating:
You don’t want any greater than seven, you’re getting the identical volatility.
Following the meltdown of FTX, O’Leary was closely criticized for his continued help of the disgraced founder Sam Bankman-Fried (SBF). He mentioned he would again SBF once more if he had one other enterprise, insisting that the previous FTX CEO was a superb crypto dealer.
Do you agree with Kevin O’Leary that the majority crypto tokens are nugatory? Tell us within the feedback part under.
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