Kevin O’Leary said he has allocated millions of dollars in crypto. The former critic of Bitcoin now said investing in it is like investing in giant corporations such as Google and Microsoft.
20% of His Portfolio in Crypto
Back in 2019, the Canadian businessman and television personality was among the biggest critics of the crypto industry. At the time, he described bitcoin as “worthless,” “useless currency,” and even “garbage because you can’t get in and out of it in large amounts.”
He started softening his stance at the beginning of 2021, saying he’s not against BTC and that he even respects the asset. Shortly after, he entered the ecosystem by allocating 3% of his portfolio to it.
In a recent interview for CNBC, Mr. Wonderful revealed his exposure to digital assets equals 20% of his total wealth:
“I have millions of dollars in crypto. 20% of my portfolio is in cryptocurrencies and blockchain.”
Speaking of the primary cryptocurrency, he argued that investing in it is like buying shares of leading tech companies like Microsoft, Google, and many others. Apart from Bitcoin (BTC), he admitted holding Ethereum (ETH), Solana (SOL), and Avalanche (AVAX):
“You have to be diversified. I own 32 different positions, including equity and FTX itself: I’m backing their initiatives. You don’t know who’s going to win: is Ethereum going to win, is Solana, is Avalanche? I own them all.”
Subsequently, the Canadian said he sees potential in non-fungible tokens, too. Earlier this year, O’Leary envisioned that NFTs could emerge as a “much bigger, more fluid market” than bitcoin.
“You’re going to see a lot of movement in terms of doing authentication and insurance policies and real estate transfer taxes all online over the next few years, making NFTs a much bigger, more fluid market potentially than just bitcoin alone,” he stated back then.
Dogecoin Is The One He Doesn’t Like
O’Leary might be keen on numerous digital assets, but Dogecoin is certainly not among those. Last summer, he said investing in the memecoin is the same as betting your money on red or black in a casino. He went further, arguing that DOGE has no inherent value and should be classified as pure speculation:
“When you speculate on something like Dogecoin – that’s no different than going to Las Vegas and putting your money on red or black – it’s a pure speculation.”