Kevin O’Leary, a Shark Tank star and billionaire investor, plans to triple down on his cryptocurrency investment.
O’Leary described cryptocurrencies as the “twelfth sector of the S&P” in an interview with Anthony Pompliano on The Best Business Show.
O’Leary says that, in the future, he wants his company to allocate 20% of its capital to the crypto ecosystem. That would be a significant 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.”
In early October, the Shark Tank star revealed that his recent investments into crypto brought his total holdings from 3% to 7%, marking the first time he owned more in crypto than his 5% allocation in gold.
O’Leary also discusses his interest in different sectors within the broader crypto space, including taking a stake in 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.”
