• Sat. May 21st, 2022

Kevin O’Leary Says Cryptocurrencies Now Make Up 20% Of His Net Worth

ByHazel R. Lang

Mar 13, 2022

Cryptocurrencies now make up 20% of Kevin O’Leary’s net worth. Kevin O’Leary said cryptocurrencies and companies in the nascent digital asset industry make up a fifth of his investment holdings.

Cryptocurrencies now account for 20% of Kevin O’Leary’s net worth

Image source: JackOfAllTechs.com

Kevin O’Leary told CNBC that crypto tokens, currencies and businesses account for a fifth of his wealth.

“I have millions of dollars,” O’Leary said in an interview on “Squawk Box,” “and 20% of my portfolio is now in cryptocurrencies and blockchain.” Cryptocurrencies have grown in popularity over the past few years, but regulators remain concerned about speculation.

During an interview, one of the investigators asked if cryptocurrencies will cease to exist in the next 10 years.

“You have to be diverse. I own 32 different positions including FTX equity itself. The thing is, you don’t know who’s going to win. Will Ethereum win? Will Solana win? Is it Helium or is it Avalanche? I own them all,” he replied.

In recent years, cryptocurrencies have received a lot of attention and investment, especially from huge organizations and well-known people like hedge fund manager Paul Tudor Jones and fund manager Bill Miller. Many people recommend bitcoin, the world’s most valuable cryptocurrency by market capitalization, as a long-term investment. There are also a multitude of other smaller digital tokens.

Bitcoin has been around since January 2009, according to crypto proponents, so it’s still early days for the company. Despite this, crypto firms continue to pull in billions of dollars in venture capital funding.

At the same time, the new asset class remains volatile, with authorities such as Securities and Exchange Commission Chairman Gary Gensler warning of its “highly speculative” nature and lack of investor protection. The UK regulator also warned against pump-and-dump patterns in some digital tokens.

There are other people who have already expressed their skepticism regarding cryptocurrency. On the other hand, some people have gradually come to believe it. Don Tapscott, Niall Ferguson, Joe Weisenthal, and Kevin Roose were all once crypto skeptics before they became believers.

Ricardo Salinas, a Mexican businessman, claimed in late 2020 that Bitcoin was 10% of his cash. Bitcoin educator Saifedean Ammous wrote the bestselling book “The Bitcoin Standard,” which he suggested potential investors study.

A family office of billionaire Simon Nixon, Seek Capital, announced plans to increase its exposure to crypto in August, saying it would be an important part of the future. Bill Miller, a fund manager, recently said that Bitcoin and other cryptocurrencies make up about half of his personal holdings.

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