Shark Tank investor Kevin O’Leary says he is implementing a new investment strategy for his crypto holdings as digital assets remain in a bear market.
In a new interview with Daniela Cambone of Stansberry Research, O’Leary outlines the crypto investment steps he is taking heading into the year’s end.
He says he plans to sell crypto investments that are currently underwater and invest most, if not all, those funds in Bitcoin (BTC).
“Well, I’m doing what a lot of other traders are doing. I’m going into the November time period with over 34 different positions on, many of them underwater. So naturally, what I’m going to do, now that the IRS and other regulators around the world are now looking at crypto in terms of tax compensation very much like a security, I’m going to have to trade.
So I’m going to be doing trading, taking some of the projects that have been decimated down 40%, 50%, 60%, 70%, 80%, 90%, selling those and basically buying what I consider the granddaddy index of all crypto, Bitcoin.”
O’Leary says he may also add some more Ethereum (ETH) to his crypto investment portfolio, saying that in the bear market the crypto projects with the largest market caps are the safest bets. He also predicts a price correlation among ETH scaling solution Polygon (MATIC) and ETH layer-1 rival Solana (SOL).
“So I can go through the tax season owning more Bitcoin. I will. Maybe a little bit more Ethereum. But basically, the large market cap names are the ones that matter. So if you’re going to do a basket of names to hold through the back end of the year, I would say it’s going to be Bitcoin, Ethereum, Polygon, and Solana.
You know those are huge market cap names, and I think are going to index together. I don’t think any one of those breaks out of the pack. They all kind of trade in tandem. So if you’re only going to own one, it’s probably going to be Bitcoin. But all the rest trade in tandem with Bitcoin anyways.”
At time of writing, Bitcoin is trading hands at $19,191.
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Source: https://dailyhodl.com/2022/10/20/kevin-oleary-outlines-bear-market-strategy-says-hes-selling-these-underwater-cryptos-to-invest-in-bitcoin/