Investor and “Shark Tank” star Kevin O’Leary, who was a keynote speaker at the inaugural Benzinga Psychedelics Capital Conference last week, says that he has a broad range of crypto assets available in the market, and he owns 32 different positions. Although he acknowledges that he only needs two of them to work for him.
What Happened: In a recent interview, O’Leary said he views cryptos like Bitcoin BTC/USD, Ethereum ETH/USD, Polygon MATIC/USD, Hedera HBAR/USD, Helium HNT/USD, and Avalanche AVAX/USD as software rather than tokens.
“Give me Polygon, which I just an investment in…it says, ‘Look, let’s aggregate transactions and push them through Ethereum in one transaction, cut gas fees by a huge amount, which works in India.’ Well, why wouldn’t I invest in that? That’s a great idea. There’s real economic value there,” O’Leary said.
He later added, “Same with Helium if it’s going to change. I like that idea. Solana – is it going to speed up blockchain? Well, Sam Bankman-Fried [CEO of FTX] says, ‘Yes.’ Why not put a 5% allocation into that? I don’t know who’s going to win, I got 32 positions. I only need two of them to work, and I’ve made a sh*tload of money.”
According to him, the only way projects survive over the long term is if they bring some kind of economic value to the table.
He also compared the current crypto market to the early days of the internet in the 1990s.
“Yeah, some of these are going to be Pets.com, but others are going to bring tremendous value and be the Googles and the Microsofts of their generation,” he said.
Talking about the current crypto market volatility, O’Leary said, “If you’re really bullish, like I am, on crypto, you put 20% of the operating company’s capital into crypto, and no more than 5% into any one coin, token, blockchain, or level two, whatever you want to call it. And that’s what I’ve done – I’ve got 32 positions; I’ve got 20% of the capital tied up. It’s volatile as hell, but I’m okay with it because I assume that at some point all of this policy that’s being proposed will be adopted.”
Earlier in April, O’Leary advocated for Bitcoin and tweeted that it will become the reserve currency of the earth.
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