Cryptocurrencies are getting crushed.
Consider that Bitcoin, the largest and most heavily traded cryptocurrency, has plummeted 26% over the past five trading sessions. That is an astounding decline in such a short period, and it illustrates not only the inherent volatility of this asset class, but also the precarious nature of putting money to work in this still-nascent market segment.
Yet despite the decline in cryptocurrencies of late, the sector remains populated with high-profile investors who see huge opportunity in the space going forward. One such investor is “Mr. Wonderful” himself, Kevin O’Leary.
I suspect you know Kevin O’Leary from his starring role in the CNBC show “Shark Tank,” a favorite TV program of mine, and of just about every entrepreneurial type that I know. Yet O’Leary is far more than just a TV “shark.” He’s also the creator of the O’Shares family of exchange-traded funds (ETFs), several of which I have recommended in my newsletter advisory services.
One of O’Leary’s newest ventures is a company called WonderFi, a cryptocurrency trading platform that Mr. Wonderful says will provide a compliant and transparent place for institutional and individual investors to trade cryptocurrencies.
According to O’Leary, what Bitcoin and other cryptocurrencies really need to flourish is, ironically, real industry regulation. And as he puts it, “that’s when the real money is going to come into it.”
O’Leary explained all of this to me in the latest episode of the Way of the Renaissance Man podcast.
In this interview, Mr. Wonderful enters the Renaissance Man shark tank, as I let him “pitch me” on the reasons why investors should consider WonderFi.
Along with WonderFi CEO Ben Samaroo, O’Leary explained that despite the hype of cryptocurrencies, the big money players such as pension funds and sovereign wealth funds have yet to embrace the asset class. He also attributes cryptocurrency volatility to the relatively small amount of money invested in the asset class relative to stocks, bonds, commodities, and other currencies.
This interview took place on the cusp of an interesting time for cryptocurrency, as the huge June 2022 swoon in the price of Bitcoin and other cryptos has rattled investors, along with many companies in the industry.
So, is there a future for Bitcoin and cryptocurrencies? Is there likely to be a rebound in the segment? If so, could the catalyst be what O’Leary thinks it will be?
To find out the answers, and to decide for yourself, I invite you to watch/listen to the new episode, “Investor Kevin O’Leary Enters the Renaissance Man’s Shark Tank,” today.
And you say
I only hear what I want to
I don’t listen hard
I don’t pay attention
To the distance
That you’re running or to
–Lisa Loeb, “Stay (I Missed You)”
I’ve always been an advocate of listening to your inner voice when it comes to making life decisions, because your life belongs to you and no one else. Yet part of feeding your life with healthy intellectual nutrition is to listen carefully to others, and especially to opinions that you might not agree with.
If you want to be the best human you can be (and I assume that you do if you are reading The Deep Woods), then don’t be like the lamenting self in the Lisa Loeb classic, “Stay.” That means don’t only hear what you want to, listen hard, and pay attention. Doing so will not only help you be better, but it might also help you avoid some of life’s heartbreak.
Wisdom about money, investing and life can be found anywhere. If you have a good quote that you’d like me to share with your fellow readers, send it to me, along with any comments, questions and suggestions you have about my newsletters, seminars or anything else. Click here to ask Jim.
In the name of the best within us,