Investor and star of the television show Shark Tank Kevin O’Leary said in the podcast The Wolf Of All Streets that most digital assets are useless and will eventually crash to zero.
“10,000 tokens, the majority of which are useless. Ultimately they will fall to zero due to a lack of volatility and trading volume. They are not needed,” he said.
O’Leary spoke about losing all crypto investments after the collapse of FTX in November 2022. Since then he has opened new positions in Bitcoin, Ethereum, Polygon and other assets.
“We’ve come back to look at the volatility of our portfolio before the [collapse] of FTX and after. We had 32 positions, now seven, and we are getting the same volatility,” the investor said.
In January, O’Leary predicted new bankruptcies among unregulated cryptocurrency exchanges.
In November 2022 the Shark Tank star admitted that he sympathised with FTX founder Sam Bankman-Fried (SBF). He called him a brilliant trader and expressed a wish to support him in the event of a new project launching.
O’Leary also stated that does not consider SBF guilty until his alleged fraud is proven. The investor named Binance as involved in the collapse of the Bitcoin exchange.