Businessman Kevin O’Leary has invested 20% of his wealth in crypto, including 32 altcoins such as Solana (SOL), Polygon (MATIC), Hedera Hashgraph (HBAR), Serum (SRM) and Helium (HNT).
O’Leary appeared in Scott Melker’s podcast, saying that he eventually understood that cryptocurrencies are more a software than a currency, which was the tipping point for him to invest.
The Shark Tank investor lists Solana (SOL), Polygon (MATIC), Hedera Hashgraph (HBAR), Serum (SRM), and (HNT) as some of his favorite crypto projects, and revealed that in total he has 32 positions.
“I believe [crypto] is going to become the 12th sector of the economy at some point. It’s going to take 10 years or whatever, but I look at it and say to myself it’s all software innovation. Bitcoin is not a coin, it’s software…
So I look at it and say I should have a lot of bets, I’m very fortunate [that] I meet all these development teams all over the world and I can invest in them privately. I just put a big whack of cash at Polygon…HBAR, I’m in there, Solana, Serum, Helium, I mean I got 32 positions.”
While, majority of blockchains aren’t yet scalable to worldwide adoption without additional technology, according to the investor, high-throughput chains like Solana and layer-2 solutions like Polygon have huge potential.
“That’s where you start to make a bet on Solana, where you can get a 100x productivity…
At this point, I really start to think about this as financial services productivity so in a way I’m doing a lot of private equity in it.
When I invest in a private position in Polygon, it’s a long-term investment thinking that’s going to be a way to reduce gas fees on Ethereum which I think it is. So for me, these are innovations worth investing in.”
