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Shark Tank star Kevin O\u2019Leary, aka Mr. Wonderful, says that most crypto tokens are worthless and they will eventually drop to zero in value. He added that he now owns seven cryptocurrencies and he is getting the same volatility he did when he owned 32 crypto tokens prior to the collapse of crypto exchange FTX.<\/strong><\/p>\n Kevin O\u2019Leary shared his view on cryptocurrency investing in an interview with Scott Melker on the Wolf of All Streets podcast, published Tuesday. He said:<\/p>\n 10,000 tokens, most of them worthless. They\u2019ll eventually just go to zero because of lack of volatility and lack of volume. They are irrelevant.<\/p>\n<\/blockquote>\n According to some data providers, there are currently about 10,000<\/a> cryptocurrencies. Coinmarketcap, however, shows a total of 22,476 crypto tokens.<\/p>\n The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, also said on several occasions that most crypto tokens will fail<\/a>. He recently urged investors not to get caught up in the fear of missing out (FOMO).<\/p>\n O\u2019Leary added that he marked all his crypto investments down to zero when FTX filed for bankruptcy in November last year. The Shark Tank star solely used FTX because he was a spokesperson for the exchange. FTX paid<\/a> him $15 million to be its spokesperson.<\/p>\n While the FTX bankruptcy case is still going on, Mr. Wonderful said: \u201cIn the interim, to bring back our allocation, we simply went into the market and bought new positions in bitcoin, polygon, ethereum, HBAR, just a few \u2014 seven positions.\u201d<\/p>\n He explained: \u201cWe went back to look at the volatility of our portfolio pre-FTX and now post-FTX. We had 32 positions on pre-FTX collapse, we now have seven and we are getting the exact same volatility with a fraction of the actual number of tickers.\u201d The Shark Tank star continued, \u201cSo you don\u2019t need to own everything to be exposed to crypto volatility,\u201d elaborating:<\/p>\n You don\u2019t need any more than seven, you are getting the same volatility.<\/p>\n<\/blockquote>\n Following the meltdown of FTX, O\u2019Leary was heavily criticized<\/a> for his continued support of the disgraced founder Sam Bankman-Fried (SBF). He said he would back SBF again<\/a> if he had another venture, insisting that the former FTX CEO was a brilliant crypto trader.<\/p>\nO\u2019Leary: Most Crypto Tokens Are Worthless<\/h2>\n
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Portfolio Diversification<\/h2>\n
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