Shark Tank host and venture capitalist Kevin O’Leary said most digital assets have no value and will eventually drop to zero.
On the Wolf of All Streets podcast, Kevin O’Leary revealed that he lost his investment in crypto assets when FTX filed for bankruptcy last November. O’Leary noted that before the collapse of FTX, he invested in 32 crypto assets.
With the FTX bankruptcy case still pending, the investor re-entered the market and invested in seven cryptocurrencies, including BTC, MATIC, ETH and HBAR. O’Leary said he went back to compare the volatility of the investment portfolio before and after the FTX situation and concluded that it had remained the same.
“Most crypto assets are worthless. In the end, they will simply collapse to zero due to the lack of volatility and investment volume. It is not necessary to own all cryptocurrencies in order to be exposed to risks,” O’Leary concluded.
After the collapse of FTX, the cryptocurrency community criticized O’Leary for supporting the founder of the exchange, Sam Bankman-Fried. Earlier, the investor said that the exchange paid him $15 million to become its representative, but this money “burned out”.
However, the Shark Tank star expressed his willingness to once again support Bankman-Fried if he organizes another venture. According to O’Leary, the former FTX CEO was a good cryptocurrency trader.
Last year, O’Leary called for diversifying investments with cryptocurrencies. The investor said that a significant part of his portfolio is made up of bitcoins and ethers.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
