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Kevin O’Leary, aka Mr. Wonderful on “Shark Tank,” has always been around to discuss his thoughts and ideas on cryptocurrency.
Kevin O’Leary Always Has Something to Say
Not too long ago, the famed investor commented that he would no longer be purchasing any more bitcoin mined in China given that the country was not known for employing green methods when it came to mining crypto. This was all before China embarked on an anti-mining crusade that would ultimately see all digital currency mining firms exit the country before it was too late.
Now, however, O’Leary expressed new thoughts on other aspects of the crypto space, largely the Ethereum network, which he commented was “too slow.” He also said that the intent to sue Coinbase by the Securities and Exchange Commission (SEC) was a “slowdown” in regulation.
During a recent interview, O’Leary commented that while he wasn’t for strenuous forms of regulation, he believed that some rules were needed to keep the space steady and ensure that customers remain safe when trading digital assets. He states:
I don’t want to get involved in crypto if the regulator says it’s not okay. I can’t afford to be offside. I cannot afford to be non-compliant… The regulators have pushed back on the Lend product from Coinbase, and that is a slowdown… We want the regulator to actually make some decisions about crypto because none of us that are in financial services want to actually be cowboys about this.
His comments on Ethereum are likely to ring a few negative bells with fans, many of whom claim that ETH is considerably faster than bitcoin. In addition, Ethereum is striving more towards a proof of stake module over a proof of work module, which it has employed since the day it first arrived approximately six years ago. This is slated to make the Ethereum network much faster, though things haven’t quite gotten to that level yet.
Until that happens, O’Leary takes issue with the slow speeds of Ethereum’s transactions. He mentions:
I find Ethereum, as a user, it’s too slow, and so there’s going to be other chains that are going to emerge.
To an extent, this has already happened. Some chains – such as TRON and EOS – are now considered faster than Ethereum and have thus earned reputations as being direct in competition.
Crypto Keeps You Safer?
O’Leary also praised crypto for serving as a strong financial alternative during times of economic strife, like what the U.S. and much of the world is experiencing now. He says that with inflation causing prices of goods to spike, digital currencies – particularly stable currencies – can keep one’s wealth a bit more secure. He states:
When the ten-year [Treasury note] is making you less than inflation, you start to look for alternatives, and that’s why stable coins are becoming interesting.