The cryptocurrency market crashed on Saturday as most currencies are now trading in bearish territory. And more importantly, the market is still looking for a bottom.
Billionaire investor and host of Shark Tank Kevin O’Leary, however, is not too bothered by the predicament.
Opportunity to buy withdrawal in these cryptos: O’Leary said he expects the current crypto bear market to be supportive for the entire crypto industry in the long term, Market Insider said, citing an exclusive interview with the venture capitalist.
He reportedly said he would double the chips, including Bitcoin BTC/USD and Ethereum ETH/USDas well as various Web3 projects.
Although he admits that not all of his bets will win, he suggested that he was “not selling anything”.
“Long term, you just have to put up with it. You have to understand that you’ll get volatility and some projects won’t work,” O’Leary reportedly said.
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O’Leary’s crypto bets: The billionaire holds about 32 positions in the digital asset space, Business Insider said. His crypto holdings include Solana SOL/USD and Polygon MATIC/USDadd the post.
The sell-off in the crypto market, however, has reduced its digital currency holdings from 20% six months ago to 16% currently, the report notes.
Bullish Outlook: O’Leary views the recent crypto meltdowns as events that may cause investors to be cautious and further improve the technology behind digital assets, according to the report.
The billionaire also reflected on the positives that emerged from the stablecoin’s collapse TerraUSD LUNA/USD.
“It’s nothing, a rounding error in the context of sovereign wealth. It’s bad for investors, but they’ve educated the market on what not to do. It’s a good thing,” O’Leary said.
The failure of smaller projects, the investor believes, will help strengthen the crypto market even though struggling projects will be regulated, he added.
Another point of support for remaining bullish on cryptocurrencies is that the “best intellectual capital” is working to resolve poor on-chain results, according to the report.
When last verified, Bitcoin was seen falling 14.20% to $17,717.99, according to data from Benzinga Pro. Ethereum fell below $1,000 and was trading down 18.03% at $1,896.11.
Photo: Courtesy of the Ontario Chamber of Commerce on Flickr