Kevin O’Leary is narrowing his crypto strategy after years of experimenting across the digital asset space, arguing that most tokens have failed to justify their place in portfolios as institutional money reshapes the market.
US BANS NEW FOREIGN-MADE CONSUMER INTERNET ROUTERS OVER SECURITY CONCERNS
O’Leary Ventures Chairman Kevin O’Leary joined FOX Business’ Stuart Varney on “Varney & Co.” to discuss why he has consolidated his holdings into what he sees as the two dominant cryptocurrencies driving returns and market activity.
O’Leary said his earlier 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 conducted deeper research, he argued, the conclusion became clear: most alternative coins lacked staying power.
“I used to be one of the components… Supporting 27 different positions… All you need to own is bitcoin and Ethereum, and you own 97% of the volatility of all the other pooh-pooh coins,” O’Leary said.
CRYPTO FRAUD TOPS FBI’S ANNUAL CRIME REPORT AS AMERICANS LOSE BILLIONS TO SCAMS
He added that thousands of smaller cryptocurrencies effectively disappeared following last October’s downturn, reinforcing his decision to exit those positions.
“What’s happened to the pooh-poohs is they collapsed last October… Thousands of them never came back… At the end, why don’t you just own those two?” he said.
Despite ongoing volatility, O’Leary pointed to growing adoption of digital payment systems and stablecoins in global transactions as a key driver behind his continued conviction in the space.
Read the full article here
