Kevin O'Leary Is 10% Invested In Crypto, Says There are Many Alternatives To Ethereum

Shark Tank celebrity, investor and Canadian businessman Kevin O'Leary revealed that cryptocurrencies comprise 10% of his entire investment portfolio.

What Happened: O'Leary said during a live recording with Reddit's r/CryptoCurrency Talk on Thursday that he has never been a true crypto skeptic, but was forced by his compliance department to avoid digital assets. After he started investing in cryptocurrencies, he reached a 3% allocation of his portfolio at the beginning of the year, with a target of 7% by the end of the year.

Still, since cryptocurrencies saw such a significant appreciation compared to traditional markets, they now comprise "almost 10%" of his investment portfolio. He said that while "some people think the game is over, and Ethereum ETH/USD is it" he does not agree since "there are many other alternatives, whether it be SolanaSOL/USD or anything else." He concluded:

"If you're an investor like I am, you want diversification. That's the key."

The comments follow O'Leary calling Bitcoin BTC/USD "garbage" in an interview with CNBC published in mid-May 2019. In the recording he explains that he actually bought his "first Bitcoin in 2017" but "the regulator was not onboard with cryptocurrencies or tokens or monetization in any way through digital vehicles."

For this reason, his "compliance departments put extreme pressure" on him to "back off crypto because they were very concerned that we'd end up being a lightning rod."

Also See: Why Kevin O'Leary Is Adding To His Ford Stock Position