Canadian businessman and TV personality – Kevin O’Leary (aka Mr. Wonderful) – believes that the continued decline of the cryptocurrency market is a healthy event that will weed out insignificant projects and leave only the significant projects. He pledged his crypto positions to HODL, advising investors to endure the current volatility to win in the long run.
“I don’t sell anything”
Since becoming an advocate for the digital asset industry, O’Leary has supported the sector through good times and bad. Addressing the latest crash (when bitcoin fell below $18,000), he said volatility was normal and shouldn’t push investors out of the ecosystem. He further claimed that he would not liquidate any of his crypto positions:
“I don’t sell anything. In the long run, just put up with it. You need to understand that you will get volatility and some projects will not work.
The Canadian has invested in 32 different digital assets, including Bitcoin (BTC), Ether (ETH), Solana (SOL), Avalanche (AVAX), and more. Earlier this year, he revealed that his crypto exposure made up 20% of his total wealth. He also thinks diversification is vital because one cannot predict which asset will emerge as the best performer.
Commenting further on the slowdown, O’Leary argued that the crypto industry would actually benefit. According to him, the turbulence will sweep away small projects that have no place on the market. Such large declines could also indicate that the industry will soon be heading for a recovery phase.
Afterwards, Mr. Wonderful gave his two cents on last month’s Terra fiasco. Project LUNA’s native token and its algorithmic stablecoin UST crashed to near zero, leading to colossal losses for investors and panic in the space. Once again, O’Leary maintained the position that such a crash could be beneficial and help the market mature:
“It’s nothing, a rounding error in the context of sovereign wealth. It’s bad for investors, but they educated the market on what not to do. This is a good thing.”
BTC never goes to zero
Two months ago, O’Leary reiterated his support for the main digital asset, predicting that its price will never dive to $0. He explained that such a scenario is impossible since BTC has become a store of value similar to gold. As such, he distributed the same amount of his wealth to both assets:
“Bitcoin never goes to zero. This is a personal opinion. There are enough people in the world who see it as a store of value, myself included. It’s a 5% weighting in my portfolio, just like gold. »
The businessman also believes that the enforcement of comprehensive regulation in the US cryptocurrency sector will be a tipping point. At first, the development will boost bitcoin, and later altcoins will follow, he added.
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Kevin O’Leary Not Selling, Despite Recent Crypto Crash
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