Why Shark Tank’s Kevin O’Leary Believes Crypto Dip Is A Good Thing
Although the market has seen a lot of red recently, one celebrity investor thinks it’s a lot of necessary weeding out on the way toward long-term success
The current cryptocurrency dip has been sudden and stark. A significant majority of the top 100 cryptos by market cap are down more than 90% from their all-time highs. Despite this volatility and the possibility that this is a crypto winter, Shark Tank’s Kevin O’Leary is not only nonplussed— he believes what’s happening is part of the growth process and only strengthening his substantial investment in the space over time.
The Canadian-born O’Leary was a co-founder of Softkey Software Products, which manufactured family education and entertainment computer software. Bought out by Mattel in 1999, the proceeds he reaped from the sale made him a millionaire many times over, and he has since transitioned to a new career in investing, writing and television. This includes his well-known turn as a featured investor on the business start-up investing show Shark Tank. There are estimates that he may now be worth in excess of $400 million, of which he has continued making significant investments.
O’Leary has also been increasingly vocal about his cryptocurrency holdings and is particularly bullish on the future of Bitcoin — an asset he once referred to as “garbage.” He currently has positions in 32 different cryptos, which comprise an estimated 16% of his overall investment portfolio.
Phil Rosen of Markets Insider recently spoke exclusively with Shark Tank’s Mr. Wonderful about the way crypto has been crashing in recent weeks. Instead of sounding the alarm, O’Leary sees the disappointing results as par for the course for greater things in the future.
While some investors have been liquidated or simply sold out of their crypto holdings, O’Leary made it clear he is not one of them:
“I’m not selling anything. Long term you just have to stomach it. You have to understand you’ll get volatility, and that some projects aren’t going to work.”
The recent collapse of Terra (Luna) cost investors upwards of $40 billion. O’Leary…