While he’s only a recent supporter of the crypto industry, billionaire investor Kevin O’Leary has never shied away from expressing his possibly strong opinions. Even where the Shark Tank star had previously ridiculed Bitcoin, he is now known to be a hodler who simply didn’t want to upset regulators.
He reiterated his compliance stance once again, during a CNBC. interview. He stated that US regulators should speed up their decision making, adding:
“I don’t want to get into crypto if the regulators say it’s not okay. I cannot afford not to comply. “
Since you are primarily an entrepreneur, the last thing you would like is to be on the bad books of the regulators. He urged the SEC to come up with a real framework, since no one in the financial markets wanted to be “cowboys about it.” Their opinions echo that of many industry leaders.
“Mister. Wonderful ”also pointed to the abundance of opportunities that lie ahead if the agency enacts a regulatory framework, especially in the realm of ETFs. He said,
“If the regulator finally allowed financial services companies to call it an asset, put it in an ETF in the United States, as they have done in Canada and other countries, I imagine there would be another trillion dollars to buy bitcoins. . And we don’t have that yet, but that’s the opportunity. “
O’Leary, who is the chairman of O’Shares ETF, further revealed that if more clarity is provided, he would want more than double his total cryptocurrency allocation of 3% to 7% by the end of this year. Furthermore, he believes that Bitcoin is “the new asset class” and “will not go away” as the regulations will be enforced very soon.
The Shark Tank star remains “bullish on crypto,” however, he opined that the industry expanded much more than Bitcoin and Ethereum, to the world of DeFi. While he had previously called Ethereum “ultrasound” money due to its recently acquired deflationary qualities, O’Leary criticized the network for its scalability issues in the latest interview.
“I find Ethereum – as a user, it is too slow. And then other chains will emerge ”.
Even as Ethereum continues to dominate the DeFi space for now, many experts agree with O’Leary’s stance on its dethronement. The world may soon switch to next-generation blockchains like Solana and Cardano as they come with lower transaction fees and more scalability compared to Ethereum.
This is a machine translation of our English version.