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

Must read

5 Types of Licenses for Financial Advisors

Financial advisors help individuals make informed decisions about their finances, but it’s also important to ensure that anyone you trust to manage your...

Legal Clash: Texas Crypto Firm Files Lawsuit Against US SEC Over Digital Asset Regulation

A Texas-based crypto company, Lejilex, along with the Crypto Freedom Alliance of Texas (CFAT), has filed a lawsuit against the US Securities and...

A Leading DeFi Bull Indicator? MetaMask Registers Over 30 Million In 5 Months

MetaMask monthly active users (MAUs) currently stand at over 30 million, a near 2X surge from around 19 million recorded in September 2023. ...

Bitcoin Bullish Signal: Inflows To HODLer Wallets Hit ATH

On-chain data shows the Bitcoin inflows going towards “accumulation wallets” have hit a new all-time high, a sign that could be bullish for...

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.

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.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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.

More articles

Latest article

5 Types of Licenses for Financial Advisors

Financial advisors help individuals make informed decisions about their finances, but it’s also important to ensure that anyone you trust to manage your...

Legal Clash: Texas Crypto Firm Files Lawsuit Against US SEC Over Digital Asset Regulation

A Texas-based crypto company, Lejilex, along with the Crypto Freedom Alliance of Texas (CFAT), has filed a lawsuit against the US Securities and...

A Leading DeFi Bull Indicator? MetaMask Registers Over 30 Million In 5 Months

MetaMask monthly active users (MAUs) currently stand at over 30 million, a near 2X surge from around 19 million recorded in September 2023. ...

Bitcoin Bullish Signal: Inflows To HODLer Wallets Hit ATH

On-chain data shows the Bitcoin inflows going towards “accumulation wallets” have hit a new all-time high, a sign that could be bullish for...

‘Avoid Ethereum (ETH) At All Costs’ Says Bitcoin Advocate – Here’s Why

Bitcoin supporter Fred Krueger has recently voiced concerns about Ethereum’s (ETH) fundamental trends and potential regulatory hurdles. Krueger’s remarks, shared in a post...