'Shark Tank' investor Kevin O'Leary says today's crypto market is like the early days of Big Tech in the 1990s
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«Shark Tank „investor Kevin O'Leary compared the high volatility in crypto markets to the early days of tech's biggest companies, which underwent similar volatility in the early days of the dot-com boom before becoming market leaders.
In an interview with Yahoo Finance Live earlier this week, the Canadian billionaire called crypto the biggest opportunity for investors in 2022, with volatility to be expected. He also noted the current selloff in technology stocks was a potential chance to buy.
“When you get volatility, generally speaking, in my world, I take advantage of it. Because I have to deploy capital all the time, and I have to decide: Where am I going to put it?,» he said.
«I like growth, and I understand it's going to be volatile. And days like this, I remind myself I've seen this movie before.»
O'Leary noted tech stocks' rough start to 2022 and how that shaped up against performance in the past.
«Go back 17 years on Amazon, which I've owned for almost that entire stretch. We had 30, 40%, 50% corrections each year. And yet, look where you end up today,» he said in the interview.
«And so I look at it, and say to myself: Let's learn from the past, apply that to the future, take advantage of volatility.»
Amazon endured big volatility during the dot-com boom and bust. Its shares went from being worth less than $8 in mid-1998 to around $100 in six months, before peaking at $110 a year later and collapsing back to below $10 by early 2001. It's now worth over $3,000, and Amazon is one of the world's most valuable companies.
«Bitcoin's having one of its worst starts ever. But you have to get used to it, just like you had to get used to Amazon, where it would have these 30% to 50% corrections, same thing
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