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Shark Tank star and Canadian investor Kevin O'Leary revealed that crypto now comprises 10% of his investment portfolio.
Kevin O'Leary Portfolio Comprises 10% in Crypto
During a live recording with Reddit's r/CryptoCurrency Talk Thursday, Shark Tank star Kevin O’Leary, chairman of O’Shares ETFs explained how he went from investing in digital assets with a 3% allocation of his portfolio at the beginning of the year to a current allocation of 10%.
“I’ve grown the portfolio remarkably. At the beginning of the year, I was at 3% weighting. The target was to get 7% by year-end. However, because of the appreciation of so many of the assets I have now, we’re almost at 10% today.”
He revealed that his crypto holdings consist of several cryptocurrencies and not just Bitcoin (BTC). While he declined to disclose the assets he has invested in, he confirmed that he owned Bitcoin (BTC), Ethereum (ETH), and USD Coin, among others while admitting that he owned “a lot of ethereum,” having bought his first ETH in 2017.
"Some people think the game is over, and ethereum is it, but I don't agree. There are many other alternatives, whether it be solana or anything else," he said. "If you're an investor like I am, you want diversification. That's the key.”
Crypto Skeptic to Biggest Promoter
In an interview with CNBC two years prior, O'Leary was previously a cryptocurrency skeptic and even once called Bitcoin (BTC) "garbage". He clarified that at that time, “the regulator was not onboard with cryptocurrencies or tokens or monetization in any way through digital vehicles." Hence, his compliance departments put extreme pressure on him to back off crypto because they were very concerned that “we'd end up being a lightning rod."
Since then, the Star Tank star has gone on to publicly embrace cryptocurrencies. Just last month, he shared on Twitter that his crypto allocation surpassed that of his gold holdings.