In recent news, a federal judge in Florida, United States, is considering dismissing former NBA superstar Shaquille O’Neal and tennis athlete Naomi Osaka from the FTX lawsuit. The judge pointed out that it is unclear whether the two sports stars have been served, and instructed the plaintiffs to provide cause as to why O’Neal and Osaka should not be dismissed from the suit. The judge gave the FTX customers until December to show cause.
In another order issued on March 9, U.S. District Judge Kevin Moore reprimanded other celebrity defendants, including Tom Brady, Gisele Bündchen, Kevin O’Leary, David Ortiz, and Trevor Lawrence, for not following proper procedure in requesting a time extension for a scheduled conference. The judge clarified that the request should have come from the plaintiff’s side, and instructed the conference to proceed as scheduled, or for the plaintiff to move for an extension of time to hold the conference.
As cases against FTX continue to pile up, some plaintiffs have requested the consolidation of lawsuits against the bankrupt exchange. However, on March 8, U.S. District Judge Jacqueline Corley denied the consolidation request, highlighting that the defendants have not yet been allowed to respond. This means that the lawsuits will proceed separately for now.
On the same day, lawyers representing former FTX CEO Sam Bankman-Fried noted that it might be necessary to push back the criminal trial scheduled to start in October 2023. While the lawyers did not formally request a date change, they pointed out that it may be needed because they are still waiting for evidence to be turned over, and Bankman-Fried accumulated more charges in February.
The FTX lawsuit was filed by customers who claimed that the cryptocurrency exchange had been involved in illegal market manipulation and trading practices that caused them financial harm. FTX has denied the allegations and filed a motion to dismiss the lawsuit. The case is still ongoing, with multiple parties involved in the proceedings.
Overall, the FTX lawsuit continues to be a complex and evolving legal matter, with various parties involved in the proceedings. The recent developments highlight the need for proper procedure and adherence to court orders, as well as the potential for further delays in the criminal trial involving former FTX CEO Sam Bankman-Fried. It remains to be seen how the case will unfold in the coming months.
After a release of key U.S. inflation data published on Thursday, the market saw Bitcoin dropping its price below $19,000 per coin. However, that did not move well-known investor and “Shark Tank” star Kevin 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 people have no choice but to get along with cryptocurrency irrespective of the 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 after crypto prices plunged to new October lows on Thursday after fresh US data showing global inflation climbed higher – a macro event that further eroded slowing demand for risky assets. Bitcoin dropped as much as 5.1% on Thursday to $18,201, its lowest in about three weeks, while Ether declined as much as 8.2%.
Bitcoin dropped below $19,000 on Thursday as traders anxiously awaited the latest figures of the consumer price index (CPI). The cryptocurrency dropped more sharply after the report came in, indicating a slightly larger-than-expected rise in inflation, despite the aggressive rate hikes the Federal Reserve has introduced to fight 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 ongoing market downturn, the “Shark Tank” star is not ready to call a bottom in the digital asset industry a kind of a major negative occurrence.
In June, O’Leary shared his market outlook and investment strategy during this bear market. He was not sweating the bear market as he believed the winter will end up lifting up the entire sector in the long run.
O’Leary who is a strategic investor at crypto-trading platform WonderFi Technologies Inc., explained that he has been doubling down on digital assets, including Bitcoin and ether, as well as various Web3 projects even though he knows that not every investment will be a winning bet.
O’Leary approaches cryptocurrency like he would any other investment. This means crypto is part of a balanced portfolio with a mix of sectors and specific assets. His portfolio reflects his bullishness for blockchain technologies. He currently holds 32 positions in the crypto space, including Solana and blockchain firm Polygon.
The crypto bear market has slammed valuations of his digital assets, currently, the new asset class makes up 16% of his holdings, down from 20% in March.
Shark Tank star and billionaire investor Kevin O’Leary sees several leading altcoins that he believes have the potential to add problem-solving value as the blockchain world expands and evolves.
In an interview with Anthony Pompliano on The Best Business Show, O’Leary says cryptocurrencies should be viewed as functional “software” rather than simply alternate forms of money.
When it comes to determining which blockchain projects to pursue, the investor says he relies on the same process of vetting teams and vision as with traditional software companies. He cites his hands-on approach with layer-2 scaling solution Polygon (MATIC) as a real-world example of the strategy.
“I’ve seen this movie before. I was an investor in software engineers twenty-two years ago at the Learning Company when we made educational software.
The way I used to do it then is the way I’m doing it now…
If I want to invest in Polygon, I want to meet the engineering team, which I did in Dubai.I met the team, heard the vision of what they’re doing, looked at the economic reality at the outcome, the potential of it.
First is team. If I check the box on team – smart guys, good engineers, good strategy, good group – I’m interested.”
O’Leary says that beyond the initial concept, he wants to see the potential for a positive economic impact as well.
“Here’s the second test. What economic value are they creating?
In the case of Polygon, aggregating transactions to reduce gas fees on Ethereum is a smart idea.
You have an economic reason to pursue that. You save money. Transaction fees are less. I think the potential of that is large.”
The Shark Tank personality next mentions enterprise-grade public network Hedera (HBAR), which is tailored for security and regulatory compliance.
“Great team, good engineers. What’s the economic premise that would keep that growing?
Boeing wants a quasi-centralized/decentralized platform, they want the best of both worlds.
HBAR can deliver that, check the box there.”
Lastly, the billionaire mentions smart contract platform Solana (SOL) as a project seeking unique solutions.
“They’re trying to solve problems a different way to speed everything up.
Check the box. Who’s working on that? [FTX exchange head] Sam Bankman-Fried and his team. Why wouldn’t you bet that horse?”
O’Leary concludes his remarks by reiterating the importance of conceptually looking at cryptocurrencies differently.
“They’re software platforms. I say to institutions, ‘You criticize me for investing in Bitcoin? You own a big position in Microsoft [and] a five-percent weighting in Yahoo. What is that? That’s software.
‘Why don’t you do the same thing in Bitcoin? Why aren’t you in Ethereum? Why aren’t you in HBAR and Polygon? Why aren’t you in Serum? Why aren’t you in Helium?’
With that attitude, it’s hard to say I’ll only invest in publicly traded software companies. One day crypto and all these software platforms are going to be the 12th sector of the S&P.”
Bitcoin (BTC) and Ethereum (ETH) are perhaps the most well-known cryptocurrencies. Serum (SRM) is a trustless decentralized finance protocol, while Helium (HNT) is an Internet-of-Things open-source public blockchain.
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Canadian businessman Kevin O’Leary laid out his plans to invest in mining company stocks. In an interview with Anthony Pompliano, Mr. Wonderful shared stories about his recent travels in the Middle East to find ways to invest in Bitcoin (BTC) mining. According to the Shark Tank mogul, investors in the Middle East are looking into “sovereign mining operations.”
O’Leary also predicts that in the next 2-3 years, sovereign funds may decide to invest in Bitcoin mining. However, the businessman notes that the funds will choose mining businesses that use sustainable energy. Due to environment-related controversies, the eco-friendliness of mining operations is a crucial deciding factor for investors, according to the Canadian entrepreneur.
The businessman also expressed his interest in opening his own mining operations. However, he explained that there are things that he is considering before this happens. He stated that aside from government approvals, the people who live in the community where the mining operations will take place must approve of the business.
Aside from these, the entrepreneur also explained that Bitcoin mining companies must be able to track their BTC earnings in company balance sheets. This enables investors to buy the mining company stock and own BTC through equity. O’Leary notes that he will be investing in BTC through this process.
Related:Kevin O’Leary-backed WonderFi to buy Bitbuy parent company for $162M
Back in December, O’Leary also shared his thoughts on crypto investing with the public. In an exclusive interview with Cointelegraph, the businessman explained that investing in crypto is similar to investing in Google and Microsoft.
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“If you’re investing in, for example, Google or Microsoft, what are you investing in? You’re investing in software. Why wouldn’t you invest in crypto? It’s software too,” he said.
Meanwhile, the former BTC critic is also very excited about the potential of nonfungible tokens (NFT). O’Leary is betting that NFTs may potentially become bigger than Bitcoin. However, he notes that he will invest in both.
Shark Tank investor Kevin O’Leary says he still sees cryptocurrencies as a viable investment class despite the recent selloffs that have shaken the markets.
In a new interview with Yahoo Finance Live, O’Leary compares Bitcoin (BTC) and Ethereum (ETH) investing to the early days of some of the world’s leading tech companies which experienced violent price movements before becoming industry leaders.
When asked what he thinks the biggest opportunity for investors is in 2022, the Shark Tank star says,
“The one that I really found interesting over the last 24 months has been crypto and blockchain technologies and tokens and NFTs [non-fungible tokens].
You have to make a binary decision about this stuff, and this is very difficult for many institutions… and many of them have not even started their journey into cryptocurrencies…
This is how I wrap my head around it and I think it would help investors to think this way. If you invest in Microsoft and Google and Amazon and so many of these other platforms, what is the core you’re investing in?
Google is software. Bitcoin is not a coin. It’s actually software. The blockchain is software…
So the real decision is if you’re willing to invest in software because it’s a productivity tool as an equity, such as Google, why wouldn’t you invest in software such as Ethereum? Because it provides a service… that is being used globally.”
O’Leary next lays out his strategy of how to wade through the muddle of investment options in the nascent digital asset space by sticking to allocated portions within his overall portfolio.
“The question is which coins, which tokens, which blockchains? And for that I apply the same rules of diversification I apply to my stocks and bonds.
No more than 5% in any one position. No more than 20% in the whole sector.
I’m not anywhere near 20% in crypto. I’ve just gone over 10.7% in our operating company.”
The macro investor says he will accept crypto’s extreme volatility and reminds people that Amazon often saw wild price swings before achieving market dominance.
“I have a plethora of positions. I’m going to make the decision there that this is even more volatile than technology equities, and it certainly is. Bitcoin is having one of its worst starts [to a year] ever.
But you have to get used to it, just like you have to get used to Amazon where it would have these 30% to 50% corrections. Same thing with Bitcoin.”
At time of writing Bitcoin is up slightly to $42,682, while number-two crypto asset Ethereum is up 4.67% to $3,236.
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Billionaire and Shark Tank star Kevin O’Leary says an emerging region of the crypto industry has the potential to surpass Bitcoin (BTC).
In a new interview with CNBC, the business magnate says that he believes non-fungible tokens (NFTs) could eventually outshine BTC due to their real-world use cases.
“You’re going to see a lot of movement in terms of doing authentication and insurance policies and real estate transfer taxes all online over the next few years, making NFTs a much bigger, more fluid market potentially than just Bitcoin alone.”
NFTs are unique virtual tokens that authenticate ownership of certain digital assets, such as sports memorabilia and art. However, new NFT marketplaces such as 4K are attempting to tokenize ownership of real-life physical assets, something O’Leary says is key to the industry’s growth.
In an interview with Forbes, O’Leary says he’s invested in an NFT project working to tokenize white papers for the watch industry.
“[NFTs] offer so much value around authentication, inventory management, and all kinds of use cases in different asset classes.
I prefer NFTs tied to hard assets, physical assets; the one that I’m working on developing a white paper for is the watch industry.
I’ve invested in that because we have so much fraud in watch collecting, which we can eliminate by using some very high-resolution scanning of dials linked to NFTs.”
According to data from the NFT resource website nonfungible.com, NFTs have thus far seen just over $16 billion in sales since 2017. However, the overwhelming majority of them came in mid-2021, when the sector experienced a massive boom.
BTC is exchanging hands at $43,019 at time of writing, an 11% decrease from its seven-day peak of $48,454.
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
Shark Tank investor and Chairman of O’Shares Investment Advisers, Kevin O’Leary, believes that non-fungible tokens (NFTs) have a bigger shot of surpassing Bitcoin because they can digitally show ownership of real-world things like flash cars or designer watches.
Speaking on CNBC’s Capital Connection Wednesday, O’Leary revealed his bullish sentiments about NFTs and stated:
“You’re going to see a lot of movement in terms of doing authentication and insurance policies and real estate transfer taxes all online over the next few years, making NFTs a much bigger, more fluid market potentially than just bitcoin alone.”
Nevertheless, he disclosed that he was investing on both sides of the equation.
O’Leary’s latest suggestion is a change of tune because he was previously a heavy critic of cryptocurrencies, even at one time calling Bitcoin “garbage” in 2019.
NFTs continue taking cutting-edge influence on the world, given that their total market capitalization stood at $31.6 billion at the close of 2021.
NFTs are digital assets whose ownership is blockchain-based. Furthermore, their value is pegged on their uniqueness.
An NFT is different from a typical crypto token because of fungibility. A fungible token can be exchanged for another, whereas a non-fungible token (NFT) cannot be based on its finite nature. Moreover, NFTs are non-divisible because they have to be bought wholly. For cryptocurrencies like Bitcoin, a fraction of them can be bought, but this is not possible with an NFT.
Therefore, these traits create the intrinsic value for NFTs because of their limited supply and the fact that they are acquired as an entire token.
Some of the most common use-cases of NFTs include event tickets, game items, digital collectables, software licensing, digital certificates, in-game props, authentication certificates, and domain names.
In September last year, William Quigley, the co-founder of stablecoin Tether (USDT), opined that NFTs could become the revenue model of the metaverse.
Millionaire investor and crypto proponent Kevin O’Leary thinks that the NFT sector could be worth more than Bitcoin in the future.
Speaking with CNBC’s Capital Connection on Jan. 5, O’Leary — also known as Mr. Wonderful — argued that NFTs provide a greater potential to attract capital than Bitcoin due to their ability to tokenize and authenticate physical assets such as cars, watches and real estate:
“You’re going to see a lot of movement in terms of doing authentication and insurance policies and real estate transfer taxes all online over the next few years, making NFTs a much bigger, more fluid market potentially than just Bitcoin alone.”
Mr. Wonderful admitted however, that he is not tied to that bet and will still be investing on “both sides of that equation.”
The former crypto skeptic told Cointelegraph in a recent interview that his change in tune towards blockchain and digital assets was due to the growing trend of regulators warming up across the globe over the past couple of years.
Not everyone agrees with comparisons between Bitcoin and NFTs however, with Coingecko digital marketing associate Khai Ren Kuan telling Cointelegraph that it’s “probably not fair to compare Bitcoin, which is a single asset, to NFTs which are an entire sector.”
Kuan did note however, that the NFT adoption curve in 2022 is only going to increase upwards as the sector is still in its early days:
“I think collectively if you look across all NFTs, and the fact that 2021 was year one of market adoption, there’s definitely still a lot of room to grow.”
“We’ve already got a set of ‘blue chip’ NFTs, but I think the industry is still barely scratching the surface of what NFTs could be and what they could do, particularly if the Metaverse comes to fruition,” he added.
Related:Global search interest for ‘NFT’ surpasses ‘crypto’ for the first time ever
Coingecko recently published a new book called “How to NFT” which provides a rundown for newbies entering the nonfugible space on how to buy, sell, store and mint NFTs. Questioned on whether he thinks the “NFT art narrative” will continue to dominate in 2022, or if the trend will shift towards utility-based NFTs, Kuan said:
“Arts and collectibles are always going to be high on the list as they’re the most beginner-friendly and easiest to understand. In terms of utility NFTs I think what’s probably interesting to watch for is how some NFTs are going to both be art, and have utility.”
“We’ve seen BAYC which the NFT doubles as membership into their ‘club’, and it really helps build a sense of identity and community,” he added.
Kevin O’Leary is an entrepreneur, investor, and popular TV personality.
In recent months, O’Leary has dedicated most of his time to crypto.
He spoke to us about crypto’s road to institutional adoption, the promise of DeFi and NFTs, and more.
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Crypto Briefing sits down with Kevin O’Leary to discuss crypto as software, DeFi, NFTs, and institutional adoption of the asset class.
How O’Leary Sees Crypto as Software
Kevin O’Leary is best known as Mr. Wonderful on the ABC TV series Shark Tank, but his career spans more than four decades. A successful entrepreneur with an eye for technology, O’Leary has always been ahead of the curve in one way or another. He famously founded SoftKey Software Products, which went on to complete a series acquisitions, before it was sold to Mattel for $4.2 billion. Since then, he’s been involved in various profitable companies, written three bestselling books, and invested in countless successful startups.
Nowadays, O’Leary is deeply focussed on the world of crypto. He’s openly discussed his interest in Bitcoin and DeFi, and more recently has been paying attention to NFTs as the technology has entered the mainstream. When Crypto Briefing caught up with him for a rare telephone interview, he revealed that he spends around 40% of his waking hours on crypto, from looking at potential deals to scouring new tokens and DeFi opportunities. He was particularly enthusiastic about crypto’s road to institutional adoption, remarking that institutions could be a catalyst for trillions of dollars to flood into the space.
While O’Leary is an entrepreneur and investor through and through, his character defies the stereotypical “big money” type. His hard work has afforded him the opportunity to allocate more time on his interests, which include collecting watches and wine, playing the guitar, and cooking. These interests are also reflected through his professional endeavors. For example, he runs a wine business called O’Leary Fine Wines that aims to make high-quality wine more accessible for regular people.
O’Leary’s avid interest in crypto derives from his keen eye for groundbreaking technology. He says that he sees cryptocurrencies as software, rather than Internet money. “I simply look at cryptocurrencies as software,” he said. “It’s productivity software.” While Bitcoin can be described as both a blockchain and an asset, for O’Leary, it’s “not a coin.”
O’Leary spends a lot of time watching how the space develops and weighing up the fundamentals for each crypto investment he makes. That’s how he reached a decision to invest in Polygon after seeing Ethereum’s skyrocketing gas fees.
Institutional Crypto Adoption
O’Leary’s crypto thesis is also underpinned by a belief in one of the space’s favorite mantras: “the institutions are coming.” O’Leary says he thinks that many major finance players could enter the space over the next decade, though there are challenges ahead. According to O’Leary, institutions are not so focused on the decentralization or performance figures that Ethereum and Solana fans like to debate over. Rather, it is “compliance infrastructure.” As O’Leary pointed out, it’s difficult for any institution to make a 1% allocation to Bitcoin on their balance sheet today.
“In my own case, at the beginning of this year, I was 3% weighted in our operating company’s portfolio to crypto,” he explained. “And I spoke to my auditors and my compliance department, and said ‘I want to get to 7% [weighting] by year-end.’ It took six months to figure out a way to do it.”
O’Leary added that compliance measures limit many institutions from allocating more than 5% weighting to any one equity and more than 20% to any one sector. That would prevent them from going all in on Bitcoin or Ethereum. O’Leary said he hopes that clearer regulations emerge so that institutions have a way to access crypto technology.
O’Leary spent time watching Taproot, Bitcoin’s first major upgrade in four years that could theoretically allow for smart contracts to run on the blockchain. However, he takes a similar view to many others in crypto, viewing Bitcoin more as a “digital gold” store-of-value that a competitor to Layer 1 smart contract platforms like Ethereum. O’Leary said he thinks institutions share his view on the asset.
“My read on Bitcoin is that it is being perceived at the institutional level, which has not even bought it yet, not as a currency, as simply a store-of-value, in the same way you would think of gold or you would think of real estate,” he said.
Institutional adoption also comes hand in hand with increased regulatory oversight. O’Leary said that this is a positive for the space to assure that institutions are complaint, rather than acting like “crypto cowboys” with people’s money. O’Leary has previously said that he thinks the genie is out of the bottle when it comes to crypto. In other words, he thinks it will not be eradicated by any regulator.
O’Leary said that regulators care about facilitating innovation and productivity, while filtering fraud (of which crypto has seen its fair share). He added that while U.S. regulators are doing a good job so far, guidelines need to be clearer so that everyone can use the technology. “Tell me what’s compliant, and I’ll use [it],” he said.
DeFi and NFTs
While Bitcoin often dominates the headlines, one of the bigger points of focus for U.S. regulators over the last year has been DeFi. The SEC has expressed concern with the use of stablecoins in the sector, often under pressure from politicians in the Senate. O’Leary reflected on the rise of stablecoins, noting USDC’s parabolic growth in recent months. “To watch something like USDC go from $1 billion to over $30 billion in such a short period of time tells you there is market demand for it, and that it should be regulated,” he remarked.
Alongside DeFi, the other crypto niche that’s seen a meteoric rise in recent months is NFTs. Musicians, celebrities, meme artists, and digital artists sent the technology mainstream in 2021, drawing amazement, confusion, and ire from onlookers.
O’Leary has been watching the space with consideration for one of his biggest passions: watches. O’Leary has a massive collection of luxury watches and travels with no less than 16 at a time. He stores the rest in bank vaults across the world. He says that he wants to tokenize his collection so that they can live on the blockchain.
As watches usually have small imperfections under the dial glass, technology exists to analyze them and create a unique “fingerprint” for every watch made. This fingerprint could theoretically be tokenized as an NFT, which would provide verifiable ownership and authenticity. That would also prevent counterfeiting.
Digital fashion is already big business, with major brands like Adidas and Nike recently announcing pivots toward the Metaverse. Whether Rolex and Patek Philippe will join them remains to be seen. O’Leary said that the biggest obstacle preventing him from tokenizing his own watches concerns trading platforms. To date, none of them have been willing to allow NFT trading without getting the watchmaker’s approval. O’Leary explained:
“If you go to FTX and say, ‘OK, I want to trade an image of a Rolex,’ they’re not going to let you do it, nor would Binance, because they don’t want to be offsides with the Intellectual Property… So what we have to do now is develop a whitepaper that would agree on what the protocol would be the standard by which all of us who minted NFTs and created them could agree to.”
Nonetheless, O’Leary said that he thinks fans could have a chance to own a fraction of one of his watches in the next 18 to 24 months.
Throughout our conversation with O’Leary, we had the same impression we get from watching him as Mr. Wonderful on Shark Tank: what you see is what you get. O’Leary is a blunt and honest character, which has partly helped him find success as an entrepreneur and investor. In recent months, it’s informed his crypto investing thesis. According to O’Leary, crypto is world-changing software, institutions are interested, and it’s not going away anytime soon. While he spent a long time discussing the benefits of DeFi and NFTs, it’s also clear that he believes the world’s biggest cryptocurrency, Bitcoin, still has a bright future ahead. When we wrapped up our call, we concluded by asking O’Leary whether Bitcoin was now too big to fail. Responding in his usual candid tone, he said: “It has already created its value.”
Disclosure: At the time of writing, the author of this feature owned BTC, ETH, and several other cryptocurrencies.
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Shark Tank investor Kevin O’Leary says he’s optimistic about Coinbase’s long-term potential despite the considerable drop in the company’s stock price.
In an interview with CNBC’s Halftime Report, O’Leary notes that while pressure from regulators stifled Coinbase’s plans to offer yields on the USD Coin (USDC) stablecoin in the US, the crypto exchange’s Lend product remains viable overseas.
“The play on Coinbase is crypto infrastructure. They’re going to go to other jurisdictions where they’re allowed to allow staking because they’re a global platform.
They’re getting very savvy at it. They’re going to different geographies and putting out the Lend product there.”
In September, Coinbase scrapped its lend program, which would have generated 4% annual percentage yield (APY) on the company’s dollar-pegged stablecoin USD Coin (USDC)
The businessman notes that in light of the recent Congressional hearings discussing cryptocurrencies, he believes regulators will eventually permit Lend-type products in the US.
“I like the direction of this, and so for me, I’m looking for infrastructure, and Coinbase is one of those global platforms [with] millions of accounts.
And as soon as these products get turned on, [customers] have to prove [their] geography. You have to have an IP address that’s allowed in.”
The Coinbase stock trades on the Nasdaq under the ticker symbol COIN. At time of writing, it’s valued at $251.37, down over 46% from the November high of $368.90.
O’Leary concludes the discussion of his investing strategy by saying,
“If you’re into crypto… it’s a binary decision, either you like it or you don’t.
I’m in the ‘like it’ camp, and so I’m looking for ways to diversify my portfolio.
Coinbase is one way to do that.”
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