Shark Tank Star Kevin O’Leary Says Most Crypto Tokens Are Worthless — ‘They’ll Eventually Just Go to Zero’
Shark Tank star Kevin O’Leary aka Mr. Wonderful says that most crypto tokens are worthless and will eventually drop to zero in value. He added that he now owns seven cryptocurrencies and he gets the same volatility as when he owned 32 crypto tokens before the FTX crash.
O’Leary: Most crypto tokens are worthless
Kevin O’Leary shared his perspective on investing in cryptocurrencies in an interview with Scott Melker on the Wolf of All Streets podcast published on Tuesday. He said:
10,000 tokens, most of them are useless. They will eventually just drop to zero due to the lack of volatility and volume. They don’t matter.
According to some data providers, there are currently around 10,000 cryptocurrencies. However, Coinmarketcap shows a total of 22,476 crypto tokens.
US Securities and Exchange Commission (SEC) Chairman Gary Gensler has also said several times that most crypto tokens will fail. He recently urged investors not to give in to fear of missing out (FOMO).
O’Leary added that he zeroed out all of his cryptocurrency investments when FTX filed for bankruptcy last November. The Shark Tank star used FTX solely because he was a representative of the exchange. FTX paid him $15 million to become its spokesperson.
While the FTX bankruptcy case is still pending, Mr Vanderful said: “In the meantime, to get our distribution back, we just went into the market and bought new positions in bitcoin, polygons, ethereum, HBAR, just a few – seven positions. “.
He explained: “We went back to look at the volatility of our portfolio before FTX and now after FTX. We had 32 positions before the FTX collapse, now we have seven and we get exactly the same volatility with a fraction of the actual number of tickers.” The Shark Tank star continued, “So you don’t have to own everything to be exposed to cryptocurrency volatility,” elaborating:
You don’t need more than seven, you get the same volatility.
After the collapse of FTX, O’Leary was heavily criticized for his continued support of disgraced founder Sam Bankman-Freed (SBF). He said he would support SBF again if he had another venture, insisting that the former FTX CEO was a brilliant crypto trader.
Do you agree with Kevin O’Leary that most crypto tokens are worthless? Let us know in the comments below.
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