Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says he is not selling any of his cryptocurrencies despite the crypto market downturn. “Long term, you just have to stomach it. You have to understand you’ll get volatility,” he stressed.
Kevin O’Leary: I’m not selling anything
Shark Tank star Kevin O’Leary spoke about bitcoin and other cryptocurrencies in an interview with The Insider, published on Saturday.
Commenting on the crypto market turmoil, O’Leary said:
I’m not selling anything… In the long run, just put up with it. You need to understand that you will get volatility and some projects will not work.
O’Leary currently holds 32 positions in the digital asset space, the publication conveyed. He is also a strategic investor of Wonderfi Technologies. The crypto platform received conditional approval to list its shares on the Toronto Stock Exchange (TSX) last week.
In an interview with Bankless, published last week, O’Leary said his biggest holdings right now are Ethereum and Bitcoin. However, he added: “I also have a large position in the USDC [and] a large position in FTX as capital. He also mentioned polygon and solana. Highlighting the importance of diversification, he said about eight weeks ago that his crypto holdings made up about 21% of his portfolio. Now it’s down to around 18%, he said, adding:
There’s been a big correction in the market but you’ve got to hold your nose and get used to the volatility.
The Shark Tank star explained that recent crypto meltdowns, such as the implosion of cryptocurrency terra (LUNA) and stablecoin algorithm terrausd (UST), provide valuable lessons for investors.
The demise of UST “educated everybody that this isn’t the way to build a stablecoin,” he said, emphasizing that “It’s important for the education and the maturation of the market.”
O’Leary added that the collapse of a crypto token does not have a big impact on global financial markets. He issued the following opinion:
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.
Mr. Wonderful said trillions of dollars will flow into crypto “when we have policy and the regulator regulates.” He also believes that crypto will be the 12th largest sector in the US economy within 10 years.