Kevin O’Leary starts buying crypto again ahead of next cycle
TV personality and O’Leary Ventures Chairman Kevin O’Leary said he has started increasing his crypto positions again in anticipation of the next market cycle. He also described the potential adoption of blockchain by a major stock exchange as one of the key developments that could reshape the industry.
“I’m back in the saddle buying new positions, putting my bets on for this next cycle,” the O’Leary Ventures chairman said. According to him, the main question for investors now is which blockchain will achieve broad adoption and in which sector that will happen, The Block reported.
O’Leary noted that he discusses blockchain with executives across different industries, but there is still no clear consensus. “None of them are saying the same thing,” he added.
In the investor’s view, the real turning point will come when one of the major exchanges integrates blockchain into its infrastructure. Other participants in the financial system would then have to take that exchange’s requirements into account and adapt to the blockchain it chooses.
Waiting for crypto regulation
The investor also commented on the recent setback for the CLARITY Act in the U.S. Senate. He believes digital asset regulation will return to the agenda because authorities are already beginning to establish tax rules for cryptocurrencies.
“If you're going to provide a tax policy on this asset, you want more regulation, not less,” O’Leary said. At the same time, he does not expect the CLARITY Act to pass before the U.S. midterm elections.
Speaking about Bitcoin, O’Leary said the largest cryptocurrency could eventually account for 1% to 3% of alternative-asset portfolios. He compared Bitcoin’s potential role with gold, which institutional investors already use as a separate asset class.
O’Leary also discussed his AI investments. According to him, he is focusing not on model developers but on the power infrastructure needed to run data centers. His projects include facilities in Norway, Finland, Alberta in Canada and Utah, as well as investments in uranium.
From crypto skeptic to investor
Kevin O’Leary’s attitude toward cryptocurrencies has changed significantly over the years. In 2019, he called Bitcoin “garbage” and a useless currency, citing the difficulty of making large transactions and its high volatility. He later said he changed his view after regulators began recognizing digital assets and Bitcoin ETFs appeared in Canada. By 2021, he was already planning to hold around 3% of his portfolio in Bitcoin.
In 2022, O’Leary went even further, saying cryptocurrencies accounted for around 20% of his operating portfolio across 32 positions, and he became a spokesperson for FTX. After the exchange collapsed, he acknowledged that he had not conducted sufficient due diligence on the company, but he did not abandon digital assets. In subsequent years, he continued to hold Bitcoin and Ethereum and viewed cryptocurrencies as a separate asset class, with a stronger focus on regulation and institutional adoption.
Earlier, O’Leary developed five tips for successful investing.
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