Kevin O’Leary: 20% of my portfolio is in Crypto, Blockchain firms

Published on

This Content Is Only For Subscribers

Please subscribe to unlock this content. Enter your email to get access.
Your email address is 100% safe from spam!

Investor Kevin O’Leary told CNBC’s Squawk Box that one-fifth of his investment holdings are in cryptocurrencies and blockchain.

// STAY UP TO DATE — FOLLOW BLOCKCHAIN DAILY ON TWITTER: @BLCKCHAINDAILY

“I have millions of dollars, 20% of my portfolio is now in cryptocurrencies and blockchain,” O’Leary said.

While cryptocurrencies are gaining mainstream attention, the asset continues to be volatile, and U.S. regulators including the Securities and Exchange Commission Chairman Gary Gensler have cautioned about its “highly speculative” landscape and the need of investor protection. The outgoing chair of the U.K.’s financial regulator also has cautioned about pump-and-dump plots in some crypto projects.

CNBC’s Andrew Ross Sorkin asked whether some cryptocurrencies will be around in a decade. O’Leary commented he’s taken that possibility into consideration.

“You have to be diversified. I own 32 different positions, including equity FTX itself,” O’Leary said while divulging he’s a paid spokesperson for the cryptocurrency exchange, founded by 30-year-old billionaire Sam Bankman-Fried.

“The whole point is, you don’t know who is going to win. Is Ethereum going to win? Is solana going to win? Is it Helium or is it Avalanche? I own them all.”

O’Leary’s comments Friday come two days after President Joe Biden signed an executive order that directs the U.S. government to analyze the cryptocurrency industry.

The administration says the order’s goal is to both address risks while “harnessing the potential benefits of digital assets and their underlying technology.”

“It wasn’t an all out ban, so that’s good news,” O’Leary said. However, he expressed concerns about the way Biden’s directive includes an emphasis on climate risks associated with cryptocurrency.

The act of mining bitcoin — which, in practice means running computers to verify transactions across the blockchain network — requires a lot of power. As a result, critics have lamented the carbon footprint of bitcoin mining.

O’Leary said he’s invested in at least one private bitcoin mining facility. However, he said he sold his positions in publicly traded bitcoin mining firms after Biden’s executive order.

// CLICK HERE FOR MORE BLOCKCHAIN NEWS

Donate BTC: 1DSt9Wsbx1hFY9Gsz3vk12ByKvBfJFry77 (Click for QR)

Latest articles

The Case for Justin Sun: Why TRX and BTT Are Not Securities and How He’ll Beat the Charges

The U.S. Securities and Exchange Commission (SEC) recently filed a complaint against Justin Sun...

On-Chain Data Reveals Significant Exodus of Binance Depositors Following CFTC Charges

As per reports from Nansen, a blockchain analytics firm, Binance suffered a net outflow...

BREAKING: Binance Sued by US Commodity Futures Trading Commission

NEW YORK -- The U.S. Commodity Futures Trading Commission (CFTC) has taken legal action...

Ripple’s Triumph Over the SEC: Decoding the Intricacies of XRP and Its Non-Security Status

NEW YORK -- In December 2020, the U.S. Securities and Exchange Commission (SEC) filed...

More like this

BREAKING: Binance Sued by US Commodity Futures Trading Commission

NEW YORK -- The U.S. Commodity Futures Trading Commission (CFTC) has taken legal action...

Ripple’s Triumph Over the SEC: Decoding the Intricacies of XRP and Its Non-Security Status

NEW YORK -- In December 2020, the U.S. Securities and Exchange Commission (SEC) filed...

Vietnam Emerges as World’s Leading Country in Cryptocurrency Adoption With 16.6 Million Users, 17% of Countries Population

The "Vietnam Crypto Market Report 2022" has recently unveiled that the majority of Vietnamese...