Businessman and Shark Tank star Kevin O’Leary expects the crypto market to have another fallout in the future. However, that doesn’t mean he’ll stop adding Bitcoin to his portfolio.
Speaking with Kitco News, O’Leary was asked whether he expects the crypto market to endure another crisis similar to the one it experienced when the cryptocurrency exchange FTX went bankrupt. After FTX collapsed, many investors went into a cryptocurrency sell-off, only for the crypto market to bounce back again.
“If you’re asking me will there be another meltdown to zero? Absolutely, 100% it’ll happen and it’ll keep happening over and over and over again,” O’Leary responded.
O’Leary isn’t totally out on crypto, as he returns to the market anytime there is a dip.
“I have been going back into the crypto markets lately. Anytime Bitcoin drops below $17,000, I add to our positions there,” he explained.
O’Leary added that the entirety of his cryptocurrency investments is in the Canadian market, where the exchanges are heavily regulated. He also revealed that cryptocurrency is his way of hedging against inflation alongside gold.
After plummeting to under $16K at one point in November, Bitcoin is close to doubling in value in 2023. The coin is currently trading at around $27,000, making it close to 70 percent up year to date.