Shark Tank star Kevin O’Leary has revealed that he took advantage of the market downturn to increase his crypto holdings.
In a new interview with Stansberry Research, O’Leary Say His crypto portfolio suffered double-digit losses, but he used it as an opportunity to buy the dip.
“We’re hit. We’re 20% [of the portfolio] Then it grows to 23%. Then it dropped to 16% of the portfolio. It’s really unstable. But I keep saying you get this kind of volatility in an unregulated industry because there is no institutional bidding.
So maybe at the lows, we’re 15%. We lost 40% of our value and now we have some items back. They didn’t come back at the same rate.
Big players, big market cap names like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Polygon (MATIC), and Hedera (HBAR), and in some cases we doubled down. We took advantage of extreme volatility and large cap stocks like ETH like Bitcoin. If you’re going long, why not add more? “
According to the venture capitalist, the “real problem” facing cryptoassets right now is the lack of institutional involvement.
“This asset class is not correlated with anything that one might imagine. It has not been correlated with inflation.
But the real problem…it really is a measure of where institutional buyers are. And now, zero. They don’t have bitcoin.
Anyone who tells you that the sovereign has it, is full of poo. “
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