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

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

Shark Tank star Kevin O’Leary, 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. O’Leary: Most Crypto Tokens Are Worthless

Kevin O’Leary shared his view on cryptocurrency investing in an interview with Scott Melker on the Wolf of All Streets podcast, published Tuesday. He said: 10,000 tokens, most of them worthless. They’ll eventually just go to zero because of lack of volatility and lack of volume. They are irrelevant.

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

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

O’Leary 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 him $15 million to be its spokesperson.

While the FTX bankruptcy case is still going on, Mr. Wonderful said: “In 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 — seven positions.”

He explained: “We 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.” The Shark Tank star continued, “So you don’t need to own everything to be exposed to crypto volatility,” elaborating: You don’t need any more than seven, you are getting the same volatility.

Following the meltdown of FTX, O’Leary was heavily criticized for his continued support of the disgraced founder Sam Bankman-Fried (SBF). He said he would back SBF again if he had another venture, insisting that the former FTX CEO was a brilliant crypto trader. Tags in this story kevin o"leary, kevin o"leary bitcoin, kevin o"leary crypto, kevin o"leary cryptocurrency, kevin o"leary FTX, Kevin O’Leary crypto allocations, Kevin O’Leary crypto portfolio, Kevin O’Leary crypto volatility, Kevin O’Leary diversification, Kevin O’Leary FTX collapse, mr wonderful, Shark Tank

Do you agree with Kevin O’Leary that most crypto tokens are worthless? Let us know in the comments section below. Kevin Helms

A 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. Commodity Strategist Mike McGlone Says Cryptocurrencies May Be Facing Their First Real Recession MARKETS AND PRICES | 8 hours ago Investment Manager Predicts Gold Could Hit $3,000 This Year MARKETS AND PRICES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCommodity Strategist Mike McGlone Says Cryptocurrencies May Be Facing Their First Real Recession Next articleBNX to Undergo 1:100 Split to Give Major Boost of Investor Confidence for BinaryX Games and Products Disclaimer: 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 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. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design