Shark Tank star Kevin O’Leary reveals that he took advantage of the market downturn to increase his crypto assets.
In a new interview with Stansberry Research, O’Leary says his crypto portfolio took a double-digit drop, but he used it as an opportunity to buy the dip.
“We got hit. We were at 20% [of the portfolio] and then grew to 23%. It then dropped to 16% of the portfolio. It was really volatile. But I have always said that you are going to have this volatility in an industry that is not regulated because there is no institutional supply.
So probably at the lowest point, we were at 15%. We lost 40% of the value and now we have gone back up in some projects. And not all have returned at the same pace.
The big players, the big market cap names like Bitcoin (BTC), like Ethereum (ETH), like Solana (SOL), like Polygon (MATIC) and Hedera (HBAR), in some cases we double down. We take advantage of extreme volatility and big cap names like ETH, like Bitcoin. Why not add to the position if you are going to be around a long time?
According to the venture capitalist, the “real problem” crypto assets are currently facing is a lack of institutional involvement.
“This asset class is not correlated to anything like people thought. It is not yet correlated with inflation.
But the real problem… is really an indicator of where the institutional buyer is. And right now, zero. They don’t have Bitcoin.
Anyone who tells you that the institutions of sovereigns own it, is full of poo.”
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