Crypto News
| Published On Apr 21, 2022 9:14 am CEST | By Peter Siu

Is Kevin O’Leary Hedging Against Ethereum?

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In a new interview on Scott Melker’s ‘The Wolf Of All Streets’ podcast, Shark Tank host Kevin O’Leary explains that he has optimized his crypto investment portfolio by hedging against Ethereum with different kind of altcoins.

Realizing that digital assets show a lot of resemblance to software than currency, ‘Mr Wonderful’ put his money in a wide range of Ethereum challengers.

Some of his favorite alternatives, he said, are smart contract platform Solana (SOL), Ethereum scaling solution Polygon (MATIC), highspeed cryptocurrency network Hedera Hashgraph (HBAR), decentralized exchange (DEX) Serum (SRM), and Internet of Things-focused network Helium (HNT) as some of his favorite projects. O’Leary noted:

“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.”

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Although most blockchains need additional technology to be able to scale up on a global level, O’Leary sees a lot of potential in high volume chains like Solana and layer-2 solutions like Polygon.

“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.

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Peter Siu

Peter is a former poker-pro, turned crypto enthusiast with 8+ years’ experience in operational roles dealing with all online gaming verticals within large iGaming companies, including Flutter and Entain. Now an expert in the field of Sports Betting, Casino, iGaming, and Poker, he is our team leader and editor. When not working, Peter can be found in the gym or playing sports like football, tennis and more recently padel.