Following the release of key US inflation data released on Thursday, the market saw Bitcoin drop in price below $19,000 per coin. However, that didn’t move well-known investor and “Shark Tank” star Kevin O’Leary when he appeared shrugging his shoulders and focusing on the long game.

In his LinkedIn post on Thursday, O’Leary said the cryptocurrency opportunity is more of a take-it-or-leave-it offer. “You can’t stop it, either join the wave or get lost!” he declared himself on popular social networks. He said that people have no choice but to get along with crypto regardless of criticism.

“There are people who criticize me for this, but this is one of the reasons why I feel so convinced about the future of cryptocurrencies and NFTs. When a new technology comes along that can dramatically increase our level of productivity and improve the way we process transactions globally, you have no choice but to embrace it,” O’Leary deepened his conviction on the new asset class.

His comments came after cryptocurrency prices fell to new October lows on Thursday, after new US data showed global inflation rising, a macro event that further eroded slowing demand. of risk assets. Bitcoin fell as much as 5.1% on Thursday to $18,201, its lowest level in about three weeks, while Ether fell as much as 8.2%.

Bitcoin dipped below $19,000 on Thursday as traders eagerly awaited the latest Consumer Price Index (CPI) figures. The cryptocurrency fell more sharply after the report came in, signaling a slightly higher-than-expected rise in inflation, despite the aggressive rate hikes the Federal Reserve has introduced to combat rising prices.

In recent years, O’Leary has become a big supporter of cryptocurrencies after buying his first Bitcoin in 2017; Since then, he has fully embraced the world of blockchain. Despite the current market downturn, the “Shark Tank” star isn’t ready to call a bottom in the digital asset industry some kind of major negative event.

In June, O’Leary shared his market outlook and investment strategy during this bear market. He was not worried about the bear market, as he believed that the winter would end up lifting the entire sector in the long run.

O’Leary, who is a strategic investor in cryptocurrency trading platform WonderFi Technologies Inc., explained that he has been doubling down on digital assets, including Bitcoin and ether, as well as various Web3 projects, though he knows not all investments will be profitable. . a winning bet.

O’Leary approaches cryptocurrency as he would any other investment. This means that cryptocurrencies are part of a balanced portfolio with a combination of specific sectors and assets. His portfolio reflects his optimism for blockchain technologies. He currently holds 32 positions in the crypto space, including Solana and blockchain firm Polygon.

The crypto bear market has cut the valuations of its digital assets; currently, the new asset class represents 16% of its holdings, up from 20% in March.

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