Shark Kevin O’Leary: Most Crypto Tokens Are Worthless and Will Drop to Zero
Shark Tank star and investor, Kevin O’Leary, also known as Mr. Wonderful, has expressed his negative view on cryptocurrency in a recent podcast interview. O’Leary believes that most of the 10,000 crypto tokens in circulation are worthless and will eventually drop to zero due to a lack of volatility and volume. He also added that most crypto tokens are irrelevant and are not worth investing in.
This sentiment is echoed by the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, who has also warned investors to be cautious about crypto investing and not to get caught up in the fear of missing out.
Despite his negative view on most crypto tokens, O’Leary has invested in seven cryptocurrencies including Bitcoin, Ethereum, and Polygon. He explained that he reduced his crypto portfolio from 32 positions to 7 after the collapse of crypto exchange FTX, but he is still getting the same level of volatility. O’Leary believes that owning 7 crypto tokens is sufficient to be exposed to crypto volatility and that owning more is unnecessary.
O’Leary was criticized for his support of FTX founder, Sam Bankman-Fried, after the exchange filed for bankruptcy. However, he defended his support and stated that Bankman-Fried was a brilliant crypto trader and he would support him again if he had another venture.
In conclusion, while Mr. Wonderful may have a negative view on most crypto tokens, he still believes in the potential of cryptocurrency and continues to invest in it. Investors should take his view into consideration when making investment decisions and should always do their own research and due diligence.
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