Kevin O’Leary, a celebrity investor known as “Mr. Wonderful” on ABC TV series “Shark Tank,” has revealed what percentage of his entire portfolio is allocated to the cryptocurrency space, months after explaining he sees Bitcoin ($BTC) move to $300,000.
During an interview with Kitco News, O’Leary revealed he does not see the price of the flagship cryptocurrency tumble to zero in the future, as BTC is now seen as a store of value the same way gold is. As such, he has allocated 5% of his portfolio into the precious metal and to the cryptocurrency.
During the interview, O’Leary compared bitcoin to gold, admitting he had a similar allocation to both on his portfolio after saying that “Bitcoin is never going to zero.” While he noted this is a personal opinion of his, he believes there are “enough people around the world that see it as a store of value, me included.”
The Canadian businessman then revealed other cryptoassets he has exposure to and that make up 20% of his portfolio, which include Ethereum ($ETH), Solana ($SOL), $HBAR, Polygon ($MATIC), and Avalanche ($AVAX). Per his words, investors have to diversify their holdings. He has “won 32 different positions, including equity and FTX itself.”
O’Leary added that as it’s impossible to know “who’s going to win” he has exposure to various cryptocurrency networks. The businessman believes cryptocurrency adoption in the U.S. will take off once there is more regulatory clarity.
Once that happens, he said, allocations to the cryptocurrency space are going to increase. First, he said, institutions will move into BTC, before moving to other cryptoassets. Bitcoin’s value, he added, could skyrocket to $300,000 thanks to these allocations.
The celebrity investor also likened investing in cryptocurrencies like Bitcoin to holding positions in leading corporations like Microsoft and Yahoo. In the past, O’Leary said that because he services sovereign wealth funds and pensions plans that despite the hype surrounding cryptocurrencies like BTC, most institutions don’t own a single coin, nor will they until “their compliance departments allow for the ESG mandates to be ‘check the box on that and of course be compliant on the asset class itself.”
Several companies, including MicroStrategy, Tesla, Block, Marathon Digital Holdings, and KPMG Canada have added the flagship cryptocurrency to their balance sheets, while a few investment funds have added BTC exposure through Grayscale’s Bitcoin Trust (GBTC).
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Pexels