Shark Tank star Kevin O’Leary is revealing that he took advantage of the market downturn to add to his crypto holdings.
In a new interview with Stansberry Research, O’Leary says that his crypto portfolio suffered a double-digit drawdown, but he took that as an opportunity to buy the dip.
“We took a hit. We were at 20% [of the portfolio] and then it grew up to 23%. Then it went down to 16% of the portfolio. It was really volatile. But I have always said you’re going to get this volatility in an industry that’s not regulated because there’s no institutional bid.
So probably at the low, we were at 15%. We lost 40% of the value and now we’ve come back up on some projects. And they haven’t all come back at the same pace.
The big players, the big market cap names like Bitcoin (BTC), like Ethereum (ETH), like Solana (SOL), like Polygon (MATIC), and Hedera (HBAR), in some cases we doubled down. We took advantage of the extreme volatility and the large-cap names like ETH, like Bitcoin. Why not add to the position if you are going to stay long?”
According to the venture capitalist, the “real problem” facing crypto assets currently is the lack of institutional participation.
“This asset class is not correlated with anything as people thought. It’s not correlated with inflation yet.
But the real problem… it’s really a gauge on where the institutional buyer is. And right now, zero. They have no Bitcoin.
Anybody that tells you the institutions of sovereigns own it, is full of poo poo.”
I
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Source: https://dailyhodl.com/2022/08/05/kevin-oleary-says-hes-doubled-down-on-crypto-amid-downturn-naming-bitcoin-ethereum-and-three-altcoins/
