Shark Tank investor Kevin O’Leary has revealed he has a new altcoin position in his portfolio of crypto assets.
PLN is built on the Avalanche blockchain and aims to be a decentralized, privacy-focused mobile network that’s owned and operated by its users.
“I own everything. I have 32 positions. I don’t know which ones are going to work. I don’t need them all to work. I just need a few, huge positions in Ethereum, huge in Bitcoin, Solana, Polygon, Helium, Pollen – the new one I just took on.”
O’Leary says he’s also enthusiastic about his allocation in USDC-issuer Circle. The venture capitalist says that with regulatory clarity, Circle’s USDC has the potential to completely disrupt the foreign exchange industry, plus reduce friction for international money transfer.
“I own a piece of Circle now on the F round beside Fidelity and BlackRock and I did it because I saw them going into it. I would have never done that without the endorsement of such compliant, SEC-regulated entities making a bet in the middle of a sh**storm on stablecoins. It’s a turning point for crypto, that’s what I think.”
Ultimately, O’Leary says crypto is on its way to becoming the next sector of the S&P 500 index, the evidence being the huge movement of technology professionals migrating into the industry.
“There’s all kinds of projects and the thinking for me is this, you go teach a class of MIT graduates in engineering right now. I do guest lecturing there. One-third of the class are entrepreneurial. Where do they want to go? They have no interest in working in any of the 11 sectors of the economy. They want to work on the blockchain. They want to be in crypto.
You can’t pour that much intellectual capital into something and not have great outcomes one day. It’s like being [at] the beginning of the internet and I’m talking about the smartest, brightest men and women from around the world saying screw everything else, I want to work on crypto.”
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