Shark Tank star and billionaire investor Kevin O’Leary is planning to triple down on his conviction in cryptocurrencies.
In an interview with Anthony Pompliano on The Best Business Show, O’Leary says he sees big potential in the emerging cryptocurrency space, calling it the “twelfth sector of the S&P.”
O’Leary says that he wants his operating company to allocate 20% of its capital towards the crypto ecosystem in the future, which would be a massive jump from the current allocation of 7%.
“This is going to be a 20% weighting in our operating company. Call it the twelfth sector of the S&P, that’s what this is. And in my world, in my compliant world, I can own up to 20% of this sector and be compliant, and that’s where I’m going.”
At the beginning of October, the Shark Tank star said that his recent investment into crypto brought his total holdings from 3% to 7%, marking the first time that he’s held more in crypto than his 5% allocation in gold.
O’Leary also discusses some of the different sectors within the broader crypto space that interest him, including taking a stake in the USDC stablecoin provider Circle.
“If you’re going to get involved in Bitcoin [BTC], that is simply one asset. And I am very diversified now into miners, their equities, some of the coins they own. Why wouldn’t I want a piece of Circle if I’m going to be using USDC?”
He disagrees with other traditional financial market players’ perception of the crypto ecosystem as being a regulatory nightmare with no future and mentions that the crypto conversation within his own company is still growing.
“I have a completely different view of the world. I see the efficiency, the productivity potential, and for me, if I look at the time I spent today at our 10 o’clock deal meeting, 40% of that hour was just looking at the crypto deals that we’re being shown. It’s almost half of what we look at now.”Check Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Rocksweeper/Andy Chipus/Vladimir Sazonov