Shark Tank Star Kevin O’Leary Says Most Crypto Tokens Are Worthless — ‘They’ll Eventually Just Go to Zero’

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says that almost all crypto tokens are nugatory and they’ll ultimately drop to zero in worth. He added that he now owns seven cryptocurrencies and he’s getting the identical volatility he did when he owned 32 crypto tokens previous to the collapse of crypto trade FTX.

O’Leary: Most Crypto Tokens Are Worthless

Kevin O’Leary shared his view on cryptocurrency investing in an interview with Scott Melker on the Wolf of All Streets podcast, revealed Tuesday. He stated:

10,000 tokens, most of them nugatory. They’ll ultimately simply go to zero due to lack of volatility and lack of quantity. They are irrelevant.

According to some information suppliers, there are at the moment about 10,000 cryptocurrencies. Coinmarketcap, nonetheless, exhibits a complete of twenty-two,476 crypto tokens.

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, additionally stated on a number of events that most crypto tokens will fail. He lately urged buyers to not get caught up within the worry of lacking out (FOMO).

Portfolio Diversification

O’Leary added that he marked all his crypto investments right down to zero when FTX filed for chapter in November final 12 months. The Shark Tank star solely used FTX as a result of he was a spokesperson for the trade. FTX paid him $15 million to be its spokesperson.

While the FTX chapter case continues to be occurring, Mr. Wonderful stated: “In the interim, to bring back our allocation, we simply went into the market and bought new positions in bitcoin, polygon, ethereum, HBAR, just a few — seven positions.”

He defined: “We went back to look at the volatility of our portfolio pre-FTX and now post-FTX. We had 32 positions on pre-FTX collapse, we now have seven and we are getting the exact same volatility with a fraction of the actual number of tickers.” The Shark Tank star continued, “So you don’t need to own everything to be exposed to crypto volatility,” elaborating:

You don’t want any greater than seven, you might be getting the identical volatility.

Following the meltdown of FTX, O’Leary was closely criticized for his continued help of the disgraced founder Sam Bankman-Fried (SBF). He stated he would back SBF again if he had one other enterprise, insisting that the previous FTX CEO was a superb crypto dealer.

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