Television personality and investor Kevin O’Leary now advises new crypto investors to focus solely on Bitcoin and Ethereum. He has exited altcoin markets, calling smaller projects risky “pooh-pooh coins” after many failed to recover from a downturn, and states that owning the two largest assets provides exposure to nearly all crypto volatility.
Investor and television personality Kevin O’Leary now only recommends owning Bitcoin and Ethereum. This represents a shift from a year ago when he endorsed other digital assets.
O’Leary revealed in an April interview that he has exited altcoin markets entirely. He now holds only Bitcoin and Ethereum in his cryptocurrency portfolio.
He referred to smaller cryptocurrencies as “pooh-pooh coins” and noted their high failure rate. “What’s happened to the pooh-poohs is they collapsed last October [ … ] Thousands of them never came back,” he stated.
For context, the asset SUI, which O’Leary recommended last year, is down 71% over a 12-month period. This contrasts with Ethereum’s 71% gain over the same timeframe.
O’Leary argues that concentrating on the two largest cryptocurrencies is a simpler, safer strategy. “All you need to own is Bitcoin and Ethereum, and you own 97% of the volatility of all the other pooh-pooh coins,” he said.
His stance aligns with other prominent investors like Michael Saylor, whose company invests exclusively in Bitcoin. O’Leary also cites growing institutional adoption of blockchain technology as supporting his conviction.
Despite the risks he associates with most cryptocurrencies, he views Bitcoin and Ethereum as viable technological investments. The movement toward institutional adoption of crypto supports this blue-chip thesis.
