{"id":17429,"date":"2023-02-09T03:00:38","date_gmt":"2023-02-09T03:00:38","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/shark-tank-star-kevin-oleary-says-most-crypto-tokens-are-worthless-theyll-eventually-just-go-to-zero-markets-and-prices-bitcoin-news\/"},"modified":"2023-02-09T03:00:38","modified_gmt":"2023-02-09T03:00:38","slug":"shark-tank-star-kevin-oleary-says-most-crypto-tokens-are-worthless-theyll-eventually-just-go-to-zero-markets-and-prices-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/shark-tank-star-kevin-oleary-says-most-crypto-tokens-are-worthless-theyll-eventually-just-go-to-zero-markets-and-prices-bitcoin-news\/","title":{"rendered":"Shark Tank Star Kevin O’Leary Says Most Crypto Tokens Are Worthless \u2014 ‘They’ll Eventually Just Go to Zero’ \u2013 Markets and Prices Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Shark Tank star Kevin O\u2019Leary, aka Mr. Wonderful, says that most crypto tokens are worthless and they will eventually drop to zero in value. He added that he now owns seven cryptocurrencies and he is getting the same volatility he did when he owned 32 crypto tokens prior to the collapse of crypto exchange FTX.<\/strong><\/p>\n

O\u2019Leary: Most Crypto Tokens Are Worthless<\/h2>\n

Kevin O\u2019Leary shared his view on cryptocurrency investing in an interview with Scott Melker on the Wolf of All Streets podcast, published Tuesday. He said:<\/p>\n

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10,000 tokens, most of them worthless. They\u2019ll eventually just go to zero because of lack of volatility and lack of volume. They are irrelevant.<\/p>\n<\/blockquote>\n

According to some data providers, there are currently about 10,000<\/a> cryptocurrencies. Coinmarketcap, however, shows a total of 22,476 crypto tokens.<\/p>\n

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, also said on several occasions that most crypto tokens will fail<\/a>. He recently urged investors not to get caught up in the fear of missing out (FOMO).<\/p>\n

Portfolio Diversification<\/h2>\n

O\u2019Leary added that he marked all his crypto investments down to zero when FTX filed for bankruptcy in November last year. The Shark Tank star solely used FTX because he was a spokesperson for the exchange. FTX paid<\/a> him $15 million to be its spokesperson.<\/p>\n

While the FTX bankruptcy case is still going on, Mr. Wonderful said: \u201cIn the interim, to bring back our allocation, we simply went into the market and bought new positions in bitcoin, polygon, ethereum, HBAR, just a few \u2014 seven positions.\u201d<\/p>\n

He explained: \u201cWe went back to look at the volatility of our portfolio pre-FTX and now post-FTX. We had 32 positions on pre-FTX collapse, we now have seven and we are getting the exact same volatility with a fraction of the actual number of tickers.\u201d The Shark Tank star continued, \u201cSo you don\u2019t need to own everything to be exposed to crypto volatility,\u201d elaborating:<\/p>\n

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You don\u2019t need any more than seven, you are getting the same volatility.<\/p>\n<\/blockquote>\n

Following the meltdown of FTX, O\u2019Leary was heavily criticized<\/a> for his continued support of the disgraced founder Sam Bankman-Fried (SBF). He said he would back SBF again<\/a> if he had another venture, insisting that the former FTX CEO was a brilliant crypto trader.<\/p>\n

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kevin o’leary<\/a>, kevin o’leary bitcoin<\/a>, kevin o’leary crypto<\/a>, kevin o’leary cryptocurrency<\/a>, kevin o’leary FTX<\/a>, Kevin O\u2019Leary crypto allocations<\/a>, Kevin O\u2019Leary crypto portfolio<\/a>, Kevin O\u2019Leary crypto volatility<\/a>, Kevin O\u2019Leary diversification<\/a>, Kevin O\u2019Leary FTX collapse<\/a>, mr wonderful<\/a>, Shark Tank<\/a><\/div>\n<\/div>\n

Do you agree with Kevin O\u2019Leary that most crypto tokens are worthless? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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