The cryptocurrency market collapsed on Saturday as most currencies are now trading in bear market territory. And more importantly, the market is still looking for a bottom.
Billionaire investor and Shark Tank host Kevin O’Leary, however, is not overly concerned about the predicament.
Pullback Buy Opportunity in These Cryptos: O’Leary said he expects the current crypto bear market to provide long-term support for the entire crypto sector, Market Insider said, citing an exclusive interview with the venture capitalist.
He reportedly said he will be doubling tokens, including Bitcoin BTC/USD and ether ETH/USD as well as various Web3 projects.
Although he conceded that not all of his bets would win, he hinted that he “sells nothing”.
“In the long run, you just have to endure it. You have to understand that you’re going to get volatility and that some projects aren’t going to work,” O’Leary allegedly said.
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O’Leary’s Crypto Stakes: The billionaire holds about 32 positions in digital assets, according to Business Insider. His crypto holdings include Solana SOLUSD and polygon MATIC/USD, the publication added.
However, the sell-off in the crypto market has reduced its digital currency holdings from 20% six months ago to 16% now, the report said.
Bullish outlook: O’Leary sees the recent crypto crashes as events that can teach investors caution and further improve the technology behind digital assets, the report said.
The billionaire also addressed the positives that came out of the stablecoin’s collapse Terra USD LUNA/USD.
“It’s nothing, a rounding error in the context of a government asset. 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 the smaller projects, according to the investor, will help strengthen the crypto market even if the stalled projects no longer exist, he added.
Another supporting point for staying bullish on cryptocurrencies is that the “best intellectual capital” is working to solve bad outcomes on-chain, the report states.
At last check, Bitcoin fell 14.20% to $17,717.99, according to Benzinga Pro data. Ethereum fell below $1,000 to trade up 18.03% at $1,896.11.
Photo: Courtesy of the Ontario Chamber of Comm on Flickr