Kevin O'Leary (aka Mr. Wonderful) believes that the continued decline of the crypto market is a healthy events, get rid of trivial projects and leave only quality ones.
He still HODL its cryptocurrencies, advises investors to tolerate the current volatility in order to gain profits in the long run.
Speaking of the most recent drop (when bitcoin fell below $18.000), he said that volatility was normal thing and investors should not leave the market.
He further confirmed that he would not sold any of your cryptocurrencies:
“I don't sell anything. You must understand that you will experience volatility and some projects will not work. "
Billionaire has invested in 32 digital assets various, including Bitcoin (BTC), Ether (ETH), Solana (SOL), Avalanche (AVAX), etc. Earlier this year, he revealed that cryptocurrencies account for 20% his total assets.
He also believes that diversification is very important because it is impossible to predict which assets will be the most successful.
Commenting further on this sharp drop, O'Leary suggested that the crypto industry will indeed benefit from that.
In his view, the storm will blow away small projects that have no place in the market. Such a significant drop could also indicate that crypto will soon head towards a recovery phase.
Two months ago, O'Leary reiterated his support for the digital asset, predicting the price of BTC would never drop to $0.
He explained that BTC has emerged as a store of value similar to gold.
“Bitcoin will never go to 0. This is a personal opinion. There are enough people around the world to see it as a store of value, myself included. It makes up 5% of my portfolio, just like gold.”