Following the October 13 inflation data, Kevin O’Leary highlighted the performance of 3 cryptocurrencies. The billionaire, who was skeptical before, now has a more moderate view.
Crypto billionaire changed his perspective on the market
Kevin O’Leary talked about the future of the cryptocurrency market after the macro-induced drop of the day. The crypto phenomenon has previously expressed doubts about the potential of the market. But he says he’s since changed his mind. In fact, he made some interesting statements about cryptocurrency investments earlier this year. He said he dedicates one-fifth of his investments to cryptocurrencies. O’Leary’s investments mainly consist of token and technology-focused altcoin projects. He had stated that he had allocated 20% of his portfolio to this field.
"I have millions of dollars–20% of my portfolio is now in #cryptocurrencies and blockchains," says @kevinolearytv. "If you own $MSFT, if you own $GOOGL. Why don't you own #bitcoin?" pic.twitter.com/gGVnCQARMz
— Squawk Box (@SquawkCNBC) March 11, 2022
O’Leary has now said that the future of cryptocurrencies and NFTs is the only topic he is passionate about. Additionally, he made some interesting statements on how the government should regulate the cryptocurrency market. Meanwhile, CPI data released earlier today showed worse-than-expected results. The market started to decline after CPI data revealed that consumer prices rose 0.4% in September. O’Leary says that despite the decline, the 3 altcoins have grown tremendously.
Kevin O’Leary prioritizes 3 cryptocurrencies in terms of growth
The cryptobillionaire has expressed his great faith in the market several times before. In March of this year, he claimed that capital was flowing into the crypto market from all over the world. He said that the growth rates for Bitcoin, Ethereum, and Polygon at the time were phenomenal. In his latest remarks, O’Leary reiterated that the opportunities in the market are more “all or nothing”. He wrote in a blog post on LinkedIn:
There are people who criticize me about this. But that’s one of the reasons I feel so strongly about the future of crypto and NFTs. When a new technology emerges that can drastically increase our productivity and improve the way we process transactions globally, you have no choice but to get it.
Kevin O’Leary prioritizes stablecoin regulations
Kevin O’Leary recently stated that it would make sense to regulate stablecoins first. It falls short that a single law that applies to all cryptocurrencies would not be ideal. O’Leary also suggested that stablecoins could help the market right now. The price of Bitcoin (BTC), which fell sharply after the release of inflation data, is now showing signs of recovery. As you follow on Kriptokoin.com, the BTC price has lost more than 3% today.
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