Prominent Canadian investor Kevin O’Leary claims that he has overhauled his cryptocurrency investment strategy.
The longtime “Shark Tank” host now claims that he is exclusively sticking with Bitcoin (BTC) and Ethereum (ETH).
He is convinced that there is no need to own any other tokens, including meme cryptocurrency.
“You don’t need to own any of those to get exposure to whatever you think the value of crypto is,” he said.
“Mr. Wonderful” claims that Bitcoin and Ethereum are the only two securities that are getting highlighted on a daily basis.
“If you own those two, you are exposed to over 90% of the alpha and volatility of the entire crypto market. So, why own anything else? I don’t anymore,” O’Leary added.
Getting Wall Street on-chain
“If you think about owning crypto, what you are exposed to is price volatility. Sometimes it’s good, sometimes it’s bad. Sometimes it goes up, sometimes it goes down,” he noted.
However, stablecoins are emerging as an increasingly important market niche. With the advent of the stablecoin bill in the US, it has become increasingly clear that traditional Wall Street finance is now going on-chain.
He says that Ethereum will be getting the majority of this demand, echoing the talking points of such prominent ETH boosters as Fundstrat’s Tom Lee.
Bitcoin is here to stay
At the same time, O’Leary has noted that Bitcoin is here to stay since it is now “certainly” being treated as a store of value.
The “Shark Tank” star recently predicted that the price of Bitcoin could surge to $250,000.
More than a tenth of his personal net worth is in BTC and cryptocurrency-related assets.