Renowned investor Kevin O’Leary has made some remarkable new assessments regarding the cryptocurrency market. After experimenting with various digital assets for a long time, O’Leary argued that he had refined his investment strategy and that only two cryptocurrencies now deserve a place in portfolios.
In an interview with Stuart Varney on the Varney & Co. Program, the president of O’Leary Ventures said that many tokens have lost their value proposition as the influence of institutional investors in the market increases. O’Leary, who previously invested in dozens of different altcoins, said he restructured his portfolio, particularly in the last year, due to changing regulatory expectations and institutional analysis.
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The experienced investor, who has held positions in 27 different crypto assets in the past, argued that this approach was unsustainable, saying: “Now all you need to own is Bitcoin and Ethereum. These two assets account for 97% of the volatility of all other ‘junk’ coins on the market.”
O’Leary also noted that thousands of small-scale crypto projects disappeared following the market downturn last October. He said this reinforced his decision to exit these assets, saying: “Thousands of projects have collapsed and haven’t come back. So why not just focus on these two strong assets?”
*This does not constitute investment advice.
