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O’Leary predicts that cryptocurrency market allocations will grow. Institutions would initially invest in Bitcoin before moving on to other crypto assets, he said.
Kevin O’Leary, a celebrity investor known on ABC’s “Shark Tank” as Mr. Wonderful has indicated that he is buying cryptocurrency price declines and increasing his Bitcoin ($BTC) and Ethereum ($ETH) stakes, as well as offering advice on how to deal with the crypto market sell-off.
Doubling down on BTC
According to reports, the businessman’s cryptocurrency portfolio consists of 32 distinct positions, including Solana ($SOL) and Polygon ($MATIC).
His digital asset allocation in his portfolio has dropped to 16 percent, down from 20 percent six months ago, due to the bitcoin bad market.
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 out.
WonderFi, a cryptocurrency trading startup sponsored by O’Leary, was just listed on the Toronto Stock Exchange for the first time.
O’Leary announced in April that he had also invested in Avalanche ($AVAX) and that his investments “included shares and FTX itself,” according to CryptoGlobe.
The entrepreneur believes that if there is greater regulatory certainty in the United States, bitcoin usage will increase. Bitcoin’s value, he claimed, might soar to $300,000 as a result of these developments.
MicroStrategy, Tesla, Block, Marathon Digital Holdings, and KPMG Canada have all added the flagship cryptocurrency to their balance sheets, while Grayscale’s Bitcoin Trust has offered BTC exposure to a select investment fund (GBTC).
Terra’s recent demise, according to O’Leary, is the kind of incident that teaches investors to be careful and may help digital assets develop even more since “no one is going to utilize their idea again.”
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“Everyone has been schooled that this isn’t the way to establish a stablecoin,” he stated.
Smaller projects collapsing, according to O’Leary, assist to strengthen the market, and breakdowns can help to forecast market bottoms, as a “defining capitulation” will signify the start of a comeback.
Despite the hype around cryptocurrencies like Bitcoin, O’Leary has previously stated that because he works with sovereign wealth funds and pension plans, most institutions do not possess a single coin.
They won’t unless “their compliance teams allow for the ESG mandates to simply ‘tick the box on that and of course be compliant on the asset class itself,” according to the report.
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