What is Shark Tank Mr. Wonderful Investing in Crypto? Pick and Shovel Infrastructure of Web 2.0 & 3.0

1 min read

Shark Tank investor Kevin O’Leary sees other opportunities in the crypto space besides investing in Bitcoin (BTC) and other digital assets.

In a new interview with Kitco News, O’Leary explains his logic behind investing in Canada-based decentralized finance (DeFi) platform WonderFi and Immutable Holdings, a Puerto Rico-based blockchain company focused on non-fungible tokens (NFTs).

“I’ve decided that I’d like to own some of the infrastructure of web 2.0, web 3.0 and so I’ve taken equity positions, where regulators allow it and that’s primarily Canada…

I’ve got 5% weight in those names because I want to own the picks and shovels. It’s not just the gold that people made money on [during] the gold rush. It was the picks and shovels, so in my portfolio, I’ve got a lot of picks and shovels, and again it’s all software.”

According to O’Leary, these companies offer big opportunities for younger professionals because the people behind these firms are building the future of financial services.

“They want to be on the chain – that’s where the future is, and they’re the smartest hands and that’s where they make the most money because they’re [doing] cutting-edge advances in financial services. That’s the investment thesis.”

The celebrity investor highlights that his investments in crypto infrastructure plays have so far surpassed the gains generated by Bitcoin (BTC).

“It’s not just Bitcoin. Some of these equities have actually outperformed Bitcoin for me because they’ve had dramatic moves as markets start to recognize the merits of owning these companies.”

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