Shark Tank star Kevin O’Leary reveals that he took advantage of the market downturn to add to his crypto holdings.
In a new interview with Stansberry Research, O’Leary Says That his cryptocurrency portfolio suffered a double-digit drop, but he used that as an opportunity to buy the dip.
“We took a hit. We were at 20% [of the portfolio] Then it grew to 23%. Then it fell to 16% of the portfolio. It was really volatile. But I have always said that you will experience this volatility in an unregulated industry because there is no institutional offering.
So maybe at the lowest level, we were 15%. We lost 40% of the value and now we are back on some projects. And they didn’t all come back at the same pace.
The big players, the big names in the market like Bitcoin (BTC), like Ethereum (ETH), like Solana (SOL), like Polygon (MATIC), and Hedera (HBAR), in some cases we doubled down. We have taken advantage of extreme volatility and big names like ETH, such as Bitcoin. Why not add to the position if you are going to stay for a long time? “
According to the venture capitalist, the “real problem” currently facing crypto assets is the lack of institutional involvement.
“This asset class is not linked to anything as people think. It is not linked to inflation yet.
But the real problem…it’s really a measure of where the institutional buyer is. And now, zero. They do not have bitcoin.
Anyone who tells you that the Institutions of Kings possess it, is full of excrement.”
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