The cryptocurrency market was crashing on Saturday, as it is most of the time Currencies are now trading in bear market territory. More importantly, the market is still looking for a bottom.
Billionaire investor and host of Shark Tank Kevin O’Leary, However, don’t care too much about this predicament.
Opportunity to buy pullback in these cryptocurrencies: O’Leary said he expects the crypto bear market to support the entire crypto sector in the long-term, Market Insider He said, Citing an exclusive interview with a venture capitalist.
He reportedly said he will double the number of tokens, including Bitcoin Bitcoin / US Dollar And the Ethereum ETH / USDas well as several Web3 projects.
Although he admitted that not all of his bets would end in a win, he noted that he was not “selling anything”.
O’Leary reportedly said, “In the long run, you just have to put up with it. You have to understand that you’re going to have ups and downs, and some projects just won’t work out.”
O’Leary’s Crypto Bets: Business Insider said the billionaire has about 32 positions in the digital asset space. Its holdings include cryptocurrency Solana sol/dollar And the ribbed matic / dollarPost added.
The report noted that the sell-off in the cryptocurrency market has reduced its holdings of digital currencies from 20%, six months ago, to 16% currently.
Bullish Expectations: The report said O’Leary sees the recent cryptocurrency crash as events that can teach investors caution and improve the technology behind digital assets.
The billionaire also delved into the positives that emerged from the collapse of the stablecoin tera dollar luna/dollar.
“Nothing, a rough patch in the context of sovereign wealth,” O’Leary said. “It’s bad for investors, but they’ve educate the market about what not to do. It’s good.”
He added that the failure of small projects, according to the investor, will help boost the cryptocurrency market even as troubled projects cease to exist.
Another supportive point for remaining bullish on cryptocurrencies, the report said, is that “best intellectual capital” is working to resolve poor on-chain outcomes.
In the latest pick, Bitcoin was seen dropping 14.20% to $17,717.99, according to Benzinga Pro Data. Ethereum fell below $1,000 and traded down 18.03% to $1,896.11.
Photo: Courtesy of Ontario Chamber of Communications on flickr