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American entrepreneur,crypto investor, star of the show Shark Tank, announced that, despite the drawdown of his investment portfolio, he acquired cryptocurrencies with a high market capitalization.
Kevin O'Leary told Stansberry Research that he took advantage of the downturn in the digital asset market to increase his investment in cryptocurrencies.
“I took the hit.I had 20% of my cryptocurrency portfolio and then it grew to 23%. Then the portfolio dropped to 16%. The market was really unstable. But I have always said that you will face volatility in an industry that is not regulated,” O’Leary recalled.
The businessman added that his investmentThe crypto portfolio during the bearish trend decreased to a maximum of 15%. As a result, 40% of the portfolio's value was lost. Now everything has stabilized, investors are again investing in cryptocurrency projects. At the same time, O’Leary believes that not all assets have returned to stable growth:
"Cryptocurrencies with a large marketcapitalization, such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Polygon (MATIC) showed growth in some cases. I took advantage of the extreme volatility and invested in large market cap cryptocurrencies such as Ethereum and Bitcoin. Why not increase your position if you are going to be in the market for a long time?
According to the venture capitalist, the “real problem” crypto assets currently face is the lack of participation from large institutional investors:
“This asset class is not linked to inflation,That's what investors thought. But the real problem has shown the level of interest of institutional buyers in cryptocurrency, and now the major players are out of Bitcoin and altcoins.”
Recall that the President of El Salvador, Nayib Bukele(Nayib Bukele) continued to buy bitcoins despite the fall in the cryptocurrency market. In July, the country's government spent about $1.5 million to purchase 80 BTC at an average price of $19,000.
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