Shark Tank star Kevin O’Leary aka Mr. Wonderful says it bought the dip during the recent sell-off in the cryptocurrency market. Here are the projects that O’Leary drew attention to and 3 altcoin projects…
Shark Tank star draws attention to regulation efforts in Bitcoin and altcoin space
In an interview with Stansberry Research, Kevin O’Leary shared his crypto market outlook and investment strategy during this bear market. When asked about the status of the cryptocurrency, “I always see Bitcoin testing $20,000 and having a lot of resistance,” he said, adding that BTC seems to be holding between $20,000 and $23,000. “It is still very profitable for Bitcoin miners, who are currently mining at around $7,000 per coin,” he said, adding:
Recently there has been a sudden backlash against Bitcoin miners due to ESG [environmental, social and corporate governance] concerns. But they are also self-correcting by starting to use nuclear and hydro power, which you know is abundant in some countries like Norway. Now crypto itself desperately needs politics. It needs editing. Just two weeks ago, there was a bill that was intended to pass only on stablecoins as payment systems. As you know, this has been a very volatile field.
“I think we have a 50-50 chance, basically there will be regulation on US dollar-pegged stablecoins,” he said, noting that the bill has been “postponed for September.” He points out that there is a war between the US Securities and Exchange Commission (SEC) and all other regulators regarding crypto, NFTs, tokens. “Let’s say the arrangement is finished in September. It’s a sign that we’re starting to unclog policymaking for the market, and I’m very optimistic.
Kevin O’Leary bought bottom
O’Leary was also asked about his crypto investments and what strategy he is using in this bear market. O’Leary used the following statements:
We took a hit. We were at 20 percent and then it grew to 23 percent. Then it fell to 16 percent of the portfolio. It was really volatile but I always said we would see this volatility in an unregulated asset industry. Because there’s no institutional offer, so we’re probably at the bottom 15 percent. We lost 40 percent of the value and now we are back in some projects. Not all of them returned at the same speed.
O’Leary said he has “doubled his holdings in some cases” while referring to Bitcoin, Ethereum, Solana and Polygon, which he calls “big players.” “We have benefited from extreme volatility and large assets like ETH and Bitcoin. If you’re going to stay for a long time, why not add it to your portfolio,” he added. Mr. Wonderful stated that the crypto-asset class is “not associated with anything as people think,” including inflation.
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