Canadian entrepreneur Kevin O’Leary has admitted he has invested a substantial chunk of his portfolio in cryptocurrency holdings.
Talking to CNBC on Friday , O’Leary said one-fifth of his portfolio is now focused on individual cryptocurrencies or companies that are operating in the digital industry.
“I have millions of dollars, 20% of my portfolio is now in cryptocurrencies and blockchain”, O’Leary told CNBC in one of the biggest public admissions of committing money to the sector.
He is not the only one to have invested, with others, including Bill Miller and Paul Tudor Jones, acknowledging the investment potential of crypto.
However, he’s the first to have claimed to have put as much of his portfolio into the sector. This investment comes despite criticism of crypto due to its highly-speculative nature, including by the likes of US Securities and Exchange Commission chairman Gary Gensler.
The UK has even issued a warning that a good deal of crypto investment opportunities are actually pump and dump schemes.
This has not stopped O’Leary pursuing what he sees a smart move for the future. O’Leary is diametrically opposed to people such as Charlie Munger and even Jamie Dimon who offer nothing but criticism of the sector.
O’Leary advised that in order to be a successful investor, a person must diversify their investments. He also acknowledged the volatile nature of crypto and rhetorically asked: who is going to win? Is it going to be ethereum or solana, helium or avalanche? O’Leary isn’t sure, so he owns them all.
He also commented on the recent bill signed by US President Joe Biden. “It wasn’t an all-out ban, so that’s good news”, O’Leary mused. He remains confident in the future of cryptocurrencies and their investment potential, but he proffers no formula how to be successful. The key, it seems, is to have enough to spend.
Speaking of spending, you need not use your crypto for investment. There are recreational alternatives as well, such as Bitcasino, 1xBit, and FortuneJack. These sites are optimized for crypto gaming and you stand to win more crypto or benefit from a generous welcoming bonus.