Shark Tank is a reality television show that airs Kevin O’Leary, Mr. Wonderful, has revealed his cryptocurrency investment plan and the coins he owns.
He also spoke about cryptocurrency market bubbles, diversification, regulation, and why he believes non-fungible tokens (NFTs) would outperform bitcoin.
Shark Tank star Kevin O’Leary discussed cryptocurrency, his investment portfolio, diversification, market bubbles, meme coins, and non-fungible tokens (NFTs) in a recent interview with Forbes, published Friday.
He explained that he views “the entire crypto industry as software development teams,” adding that he is betting on “really strong creative software engineers.” While talking about his cryptocurrency holdings, he revealed:
Ether is my largest position, bigger than bitcoin.
“It’s because so many of the financial services and transactions are occurring on it,” the Shark Tank star described. “Even new software is being developed like Polygon that consolidates transactions and reduces the overall cost in terms of gas fees on Ethereum.”
O’Leary then mentioned some of the cryptocurrencies he owns, stating: I own hedera, polygon, bitcoin, ethereum, solana, serum — these are bets on software development teams and there are many, many use cases for them.
Moreover, Mr. Wonderful added that he holds “a significant and material position in USDC,” noting that he is “starting to pay for assets and get paid in the stablecoin.”
“At the end of the day, what determines the platform’s success and value is the speed and level of adoption. That occurs when the team has developed a platform that solves an economic problem,” he opined.
O’Leary proceeded to offer his opinion about meme cryptocurrencies. Noting that “long term coins that have no economic value are that because they don’t solve anything or create any value,” he cautioned: I’m very skeptical of meme coins long term.
The Shark Tank star was also asked whether he thinks bitcoin or other cryptocurrencies are in a bubble. He replied: “The thing to realize is, the market is the market. No one person can manipulate it, even though people claim they can … It’s millions of decisions being made every second in terms of what something is worth. And it applies to every market, whether it’s tulips, watches, bitcoin, real estate or gold.”