Shark Tank Star Kevin O’Leary Says Most Crypto Tokens Are Worthless — ‘They’ll Eventually Just Go to Zero’

Shark Tank prima Kevin O’Leary, aka Mr. Wonderful, says that astir crypto tokens are worthless and they volition yet driblet to zero successful value. He added that helium present owns 7 cryptocurrencies and helium is getting the aforesaid volatility helium did erstwhile helium owned 32 crypto tokens anterior to the illness of crypto speech FTX.

O’Leary: Most Crypto Tokens Are Worthless

Kevin O’Leary shared his presumption connected cryptocurrency investing successful an interrogation with Scott Melker connected the Wolf of All Streets podcast, published Tuesday. He said:

10,000 tokens, astir of them worthless. They’ll yet conscionable spell to zero due to the fact that of deficiency of volatility and deficiency of volume. They are irrelevant.

According to immoderate information providers, determination are presently about 10,000 cryptocurrencies. Coinmarketcap, however, shows a full of 22,476 crypto tokens.

The president of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, besides said connected respective occasions that most crypto tokens volition fail. He precocious urged investors not to get caught up successful the fearfulness of missing retired (FOMO).

Portfolio Diversification

O’Leary added that helium marked each his crypto investments down to zero erstwhile FTX filed for bankruptcy successful November past year. The Shark Tank prima solely utilized FTX due to the fact that helium was a spokesperson for the exchange. FTX paid him $15 cardinal to beryllium its spokesperson.

While the FTX bankruptcy lawsuit is inactive going on, Mr. Wonderful said: “In the interim, to bring backmost our allocation, we simply went into the marketplace and bought caller positions successful bitcoin, polygon, ethereum, HBAR, conscionable a fewer — 7 positions.”

He explained: “We went backmost to look astatine the volatility of our portfolio pre-FTX and present post-FTX. We had 32 positions connected pre-FTX collapse, we present person 7 and we are getting the nonstop aforesaid volatility with a fraction of the existent fig of tickers.” The Shark Tank prima continued, “So you don’t request to ain everything to beryllium exposed to crypto volatility,” elaborating:

You don’t request immoderate much than seven, you are getting the aforesaid volatility.

Following the meltdown of FTX, O’Leary was heavy criticized for his continued enactment of the disgraced laminitis Sam Bankman-Fried (SBF). He said helium would back SBF again if helium had different venture, insisting that the erstwhile FTX CEO was a superb crypto trader.

Do you hold with Kevin O’Leary that astir crypto tokens are worthless? Let america cognize successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.