Billionaire entrepreneur Kevin O’Leary let it be known during a Reddit Talk session yesterday that his portfolio now contains nearly 10% in crypto exposure.
Kevin O’Leary used to be a big crypto nay-sayer in the past. However, he has come to realise the massive opportunity offered by cryptocurrencies and has therefore decided to buy crypto and crypto orientated businesses, and to increase his holdings.
He said during the Reddit Talk session that he had started the year with around 3% of his portfolio dedicated to crypto, and that his target was to get to 7% by the end of the year.
However, partly due to the large price appreciation of some of his crypto assets, this part of his portfolio has now increased to 10%.
“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.”
O’Leary has declined to say what his crypto holdings consist of exactly, but he does say that he owns bitcoin, ethereum and USDC. He does though think that there are worthy layer 1 alternatives to ethereum.
“Some people think the game is over and Ethereum is it, but I don’t agree. There are many alternatives, whether it be Solana or anything else. If you’re an investor like I am, you want diversification. That’s the key.”
When thinking to invest I a new crypto asset he says that he always asks himself the same questions:
“Can I identify the best teams? Who are the best developers? How do I invest in them? What ledger is that? Should I own a piece of that too?”
The billionaire is a great believer in analysing the software behind the cryptocurrencies, saying:
“I am a software investor. I am going to put an allocation into the software of crypto because I believe it will change and be disruptive to a lot of different markets all around the world.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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