The cryptocurrency market was crashing on Saturday, as most currencies are now trading in bear market territory. And more importantly, the market is still searching for a bottom.
Billionaire investor and Shark Tank host Kevin O’Leary, However, isn’t too bothered about the predicament.
Pullback Buying Opportunity In These Cryptos: O’Leary said he expects the current crypto bear market to prop up the whole crypto sector in the long run, the Market Insider said, citing an exclusive interview with the venture capitalist.
He reportedly said he will double down on tokens, including Bitcoin BTC/USD and Ethereum ETH/USDas well as various Web3 projects.
Although conceding that not all his bets will end up winning, he suggested he isn’t “selling anything.”
“Long term, you just have to stomach it. You have to understand you’ll get volatility, and that some projects aren’t going to work,” O’Leary reportedly said.
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O’Leary’s Crypto Bets: The billionaire has about 32 positions in the digital asset space, Business Insider said. His crypto holdings include Solana SOL/USD and Polygon MATIC/USDthe publication added.
The sell-off in the crypto market, however, has reduced his digital currency holdings from 20%, six months ago, to 16% currently, the report noted.
Bullish Outlook: O’Leary sees the recent crypto collapses as events that can teach investors caution and improve further the technology behind digital assets, the report said.
The billionaire also delved into the positives that emerged out of the collapse of the stablecoin Terra USD LUNA/USD.
“It’s nothing, a rounding error in the context of a 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 failing of the smaller projects, according to the investor, will help strengthen the crypto market even as the floundering projects will be regulated out of existence, he added.
Another supporting point to remain bullish on cryptocurrencies is that the “best intellectual capital” is working on solving poor outcomes on the chain, the report said.
At last check, Bitcoin was seen tumbling 14.20% to $17,717.99, according to Benzinga Pro data. Ethereum dropped below $1,000 was trading down 18.03% at $1896.11.
Photo: Courtesy of Ontario Chamber of Comm on Flickr