Kevin O'Leary, known as Mr. Wonderful, has shifted his stance on cryptocurrencies, now advising investors to focus solely on Bitcoin and Ethereum while abandoning altcoins. He describes altcoins as 'pooh-pooh coins' and warns of their high failure rates.
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O’Leary, known as Mr. Wonderful, by friends and fans, has come a long way on cryptocurrencies like BTC and ETH.
The Shark Tank star has gone from bashing Bitcoin, to investing in it, to saying it will save the world. But now he’s saying it’s the best option for new or inexperienced crypto investors.
In an April interview on FOX Business’ “Varney & Co.,” O’Leary said he has exited the frothing altcoin markets. Instead, he’s put all his crypto holdings in Bitcoin and Ethereum.
That is a pivot from this time last year, when the Shark Tank panelist recommended SUI.
Now, O’Leary calls altcoins “pooh-pooh coins.” In addition to the crass name, he warned that thousands of cryptos have failed:“What’s happened to the pooh-poohs is they collapsed last October [ … ] Thousands of them never came back [ … ] At the end, why don’t you just own those two?”
SUI is down 71% on the 1-year window. That’s a punishing fall from last year’s highs, even compared to Bitcoin’s 17.5% 12-month loss.
Meanwhile, Ethereum’s price is up 71% over the same 12 months.
BTC and ETH began a swift recovery in April, but it’s not the same story for SUI. Many other altcoins have also showed bearish inertia.
O’Leary said it’s easier and safer to go with the biggest coins with the most rounded out exposure to the rest of crypto’s volatility.
“Supporting 27 different positions [ … ] All you need to own is Bitcoin and Ethereum, and you own 97% of the volatility of all the other pooh-pooh coins.”
Moreover, he’s not alone. Michael Saylor’s Strategy, Inc. invests exclusively in Bitcoin out of all cryptocurrencies. Saylor frequently posts “laser eyes” memes to emphasize focus.
O'Leary believes Bitcoin and Ethereum are the best options for new or inexperienced crypto investors, citing the collapse of many altcoins.
He referred to altcoins as 'pooh-pooh coins' and highlighted that thousands have failed, advising against investing in them.
O'Leary has transitioned from criticizing Bitcoin to investing in it, and now he advocates for holding only Bitcoin and Ethereum.
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Kevin O’Leary also pointed to the growing adoption of stablecoin payment rails and the movement of institutional and regulatory power players to support his blue chip thesis.
The Shark Tank mastermind said the movement toward institutional adoption of crypto supports his conviction in Bitcoin and Ethereum, despite the risks.
While most cryptos have failed to justify their place in O’Leary’s portfolio by his standards, he still thinks Bitcoin and Ethereum are smart high-tech plays for investors.