Mr.Wonderful’s crypto allocation is now bigger than his gold holdings
Entrepreneur and Shark Tank star Kevin O’Leary, also referred to as Mr. Wonderful. has revealed he now holds extra crypto than gold.
During an interview hosted by Daniela Cambone from Stansberry Research, O’Leary acknowledged that his funding portfolio has a bigger publicity to crypto than gold, nevertheless, he nonetheless advocates for holding each as they’re “two different asset classes” and that comparisons between gold and Bitcoin are irrelevant:
“I have 5% in gold. Crypto for the first time is more than gold for me, and I’m going to keep my gold. I see no reason to sell it.”
“The best way to look at it, if you’re an investor, either you believe in decentralized finance and centralized finance, and you believe in Bitcoin and Ethereum and the blockchain, or you don’t. If you don’t, stay in gold as a hedge, and if you do, tip into it,” he stated.
— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) October 2, 2021
It seems that O’Leary’s crypto portfolio allocation is across the 6% mark, as he acknowledged that he plans to achieve 7% by yr’s finish, with investments divided amongst digital property and blockchain corporations:
“I’m now going to be at 7% percent hopefully by year-end, so I’m a believer in it. I’m an investor in it. I put many bets out with different companies now they’re developing products in these areas and I’m pretty comfortable with where I sit.”
“So I’m happy to listen to anybody. But I’m sorry, I don’t agree with the answer is ‘you have zero exposure to crypto,’” he added.
Speaking on the funding alternatives within the crypto sector, O’Leary additionally acknowledged that’s now not simply “betting on the price of Bitcoin anymore” as he emphasised the potential of the broader ecosystem.
“There’s so many other ways to invest, particularly in blockchain opportunities. Solana, Ethereum, you know, I mean, there’s so many different layer ones. And then of course, layer two is the derivatives that are put on top of the Ethereum, Solana and all the others,” he stated.
Questioned on the potential of the U.S. authorities banning Bitcoin and crypto sooner or later, the 67-year-old stated that he doesn’t “see a situation where cryptos are going away,” as he thinks the federal government doesn’t need to fall behind in funds tech innovation:
“The productivity enhancements that are available through cryptocurrencies and the entire infrastructure of decentralized finance are far too interesting for even governments.”
“I don’t think the U.S. government wants to fall behind in the development of new payment systems and services online,” he added.
Related: Gensler confirms SEC will not ban crypto … however Congress may
Mr. Wonderful’s presence in crypto has been rising in 2021, and his newest feedback present a stark distinction to his description of Bitcoin (BTC) as a “giant nothing burger” in January.
Cointelegraph reported in August that O’Leary signed a multi-year deal to function a model ambassador and spokesperson for the FTX crypto exchange. As a part of the deal, the entrepreneur additionally elected to be paid in crypto property in exchange for his promotional providers.