The market saw Bitcoin drop below $19,000 after Thursday’s release of U.S. inflation data. Kevin, a well-known investor who is also the star of “Shark Tank”, did not react to this. O’Leary as he appeared shrugging it off and focusing on the long game.
In his LinkedIn post on Thursday, O’Leary said the crypto opportunity is more like a take-it-or-leave-it offer. “You can’t stop it, you either join the wave or get lost!” he stated on popular social media. He said that cryptocurrency is the only option for people, regardless of any criticism.
“There are people that criticize me on this, but this is one of the reasons I feel so strongly about the future of crypto and NFTs. When you have new technology emerging that can drastically boost our level of productivity and improve how we process transactions globally, you have no choice but to get with it,” O’Leary further elaborated on his conviction about the new asset class.
His comments came as crypto prices fell to new October lows after his remarks. fresh US data showing global inflation climbed higher – a macro event that further eroded slowing demand for risky assets. Bitcoin fell as low as 5.1% to $18,201 on Thursday, the lowest level in three weeks. Ether dropped as high as 8.2%.
Bitcoin fell below $19,000 Thursday, as traders eagerly awaited the latest consumer price index (CPI) figures. After the report was released, the cryptocurrency fell more than expected, suggesting a slight increase in inflation despite aggressive rate hikes by the Federal Reserve to combat rising prices.
In recent years, O’Leary has become a big crypto advocate after buying his first Bitcoin in 2017 – since then, he’s fully embraced the world of blockchain. Despite the current market downturn O’Leary isn’t ready to label a bottom for the digital asset sector a kinda major negative.
In June, O’Leary shared his market outlook and investment strategy during this bear market. O’Leary didn’t worry about the bear market, as he believes that the winter will ultimately lift the sector.
O’Leary, a strategic investor in crypto-trading platform WonderFi Technologies Inc. explained that he has been increasing his investments in digital assets including Bitcoin and ether as well as Web3 projects, even though he is aware that not all investments will prove profitable.
O’Leary approaches crypto like any other investment. This means that crypto is part a balanced portfolio, which includes specific assets and sectors. His portfolio reflects his passion for blockchain technologies. He currently holds 32 positions within the crypto space, including Solana’s and Polygon’s blockchain company.
His crypto bear market has devalued the value of his digital assets. Currently, 16% of his holdings are made up of this new asset class, down from 20% in March.
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