Kevin O’Leary has in a Reddit Talk session disclosed that he has grown his crypto portfolio ‘remarkably’ and his exposure is now nearly 10 percent.
O’Leary explained that while he owns and believes in the long term run of Ethereum, there are competing alternatives such as Solana.
Once a critic, Shark Tank investor Kevin O’Leary has revealed that his crypto holding in his portfolio has in recent months grown remarkably. The investor said in a Reddit Talk Session that cryptocurrencies make up nearly 10 percent of his portfolio. Although he did not name all the coins that he holds, he did mention Bitcoin, USD Coin; a stablecoin among the top 10, and Ethereum. Bitcoin and Ethereum are two of the largest cryptocurrencies by market cap and largely dominate the industry. On this, O’Leary said that he owns a lot of Ethereum but explained that he is watching out for its competitors.
Some people think the game is over and Ethereum is it, but I don’t agree. There are many other alternatives, whether it be Solana or anything else,
As such, the ‘shark’ plans to diversify and reduce his risk. Ethereum has been largely regarded as the blockchain to build on due to its smart contracts capabilities. In the last couple of years, the project has met steep competition with the launch of Cardano, Binance Smart Chain and Solana. Although Ethereum has taken some hits, it remains the dominant force with the launch of Ethereum 2.0 set to keep it at the top.
O’Leary further talked about his greater interest in crypto. He stated;
I am going to put an allocation into the software of crypto because I believe it will change and be disruptive to a lot of different markets all around the world.
He also revealed how he chooses the coins that he invests, instead of charts and following influencers, he explained, “Can I identify the best teams? Who are the best developers? How do I invest in them? What ledger is that? Should I own a piece of that, too?”
O’Leary: Diversification is key here
Kevin O’Leary is not the only investor on the TV series Shark Tank who is interested in cryptocurrencies. Mavericks owner Mark Cuban is also a big supporter of cryptocurrencies and the technology underpinning them. He has especially taken a key interest in Dogecoin (DOGE) which his sports team accepts as payment for tickets and merchandise.
Like O’Leary, who called for some level of diversification, Cuban is also known to interact and keep an open mind on what different blockchains are up to and whether or not he should invest in them.
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