O’Leary Ventures Chairman Kevin O’Leary Joins ‘Varney & Co.’ to push back on Elizabeth Warren’s criticism, explain what the markets want from President Donald Trump’s Fed pick, and reveal why he’s focused on Bitcoin and Ethereum.
Kevin O’Leary is limiting his crypto strategy after years of experimenting in the digital asset space, arguing that most tokens have failed to justify their place in wallets as institutional money reshapes the market.
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Shark Tank star Kevin O’Leary as a judge on Shark Tank. (Christopher Willard/Disney/Getty Images)
O’Leary said his previous approach included exposure to dozens of smaller tokens, but a shift in regulatory expectations and institutional analysis last year forced a reassessment. As major players investigated deeper, he argued, the conclusion became clear: Most alternative coins had no staying power.
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“I was one of the components… I backed 27 different positions… All you need is bitcoin and Ethereum, and you own 97% of the volatility of all the other pooh-pooh coins,” O’Leary said.
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He added that thousands of smaller cryptocurrencies effectively disappeared after last October’s recession, reinforcing his decision to exit these positions.
“What happened to the Pooh-Poohs is that they collapsed last October… Thousands of them never came back… Why don’t you just end up owning those two?” he said.
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Despite the continued volatility, O’Leary pointed to the increasing adoption of digital payment systems and stablecoins in global transactions as a key driver behind his continued conviction in the space.
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