Kevin O’Leary, Shark Tank’s celebrity host, discussed how cryptocurrency now makes up 10% of his investment portfolio in a live recording that was recorded with Reddit’s Reddit’s CryptoCurrency Talk on Thursday.
“At the start of the year, my weight was 3%. The goal was to gain 7% by the end of the year. We’re now at almost 10%, thanks to the appreciation of many assets I own. While some people believe that Ethereum is the end of the game, I disagree. There are other options, such as Solana and anything else. Diversification is essential for investors like me. This is the key.
O’Leary used to be a cryptocurrency skeptic and called Bitcoin (BTC), “garbage” during an interview with CNBC two year prior. Kevin made the following comment when explaining his shift in outlook on cryptocurrencies:
“I have never been able live like that, I was on CNBC and I called it [Bitcoin] garbage. Let me now explain what I thought at the time. In 2017, I bought my first Bitcoin. I bought my first Bitcoin in 2017. A token was being considered to make a New York hotel public via tokenization. I am involved in several companies in financial services. I invest in them and use their services. They all comply with the regulator. My own compliance departments put tremendous pressure on me to stop crypto, because they were concerned about us becoming a lightning rod.
O’leary, who became the spokesperson for cryptocurrency exchange FTX in August, has been openly supportive of cryptocurrencies and praised Ethereum (ETH), a soon to be deflationary asset. The Shark Tank star’s crypto holdings exceeded those of his gold.
For the first time ever, my crypto exposure is greater than gold @DanielaCambone @WonderFi @ImmutableHold @BenSamaroo @jordanfried https://t.co/Afhz59Fljv
— Kevin O’Leary, aka Mr. Wonderful (@kevinolearytv October 2, 2021