Kevin O’Leary – aka Mr. Wonderful from the popular television program “Shark Tank” – has a lot of respect for both bitcoin and Ethereum. He thinks they are both remarkable developments in the world of finance. It is just that he respects bitcoin a little more.
Kevin O’Leary: Bitcoin Will Always Be King
In a recent interview, O’Leary commented that Ethereum – no matter how popular it is or how big and strong it becomes – will always be “number two” following bitcoin. Right now, ETH is the world’s second largest cryptocurrency by market cap, and O’Leary is confident that it is always going to stay that way.
I just believe that to be the case. Bitcoin will always be the ‘gold.’ Ethereum will always be the ‘silver,’ and that is not a bad thing necessarily.
As it so happens, bitcoin is the father of crypto. It is the first digital currency to make its debut in the financial space roughly 12 years ago and the currency has shot up to about $56,000 per unit at press time. While it has been higher – the asset was trading for about $64,000 roughly two weeks ago – many are convinced BTC is leading the way for cryptocurrency to become mainstream in the coming years.
Ethereum, by contrast, is a very popular network in that it boasts smart contract capabilities. Many developers seek to utilize it to produce new currencies and decentralized applications (dapps). However, it just does not have the size of bitcoin. Right now, one unit is trading for about $2,700 – More than $50,000 less than BTC.
O’Leary says he has moved about three percent of his portfolio into bitcoin. While he does own Ethereum and a few other altcoins, he is convinced that the former is going to make the most impact on financiers. He states:
Bitcoin hitting new highs almost every week is proving that there are interests being brought out of all kinds of institutions now trying to figure out: is it a currency? Is it an asset? Is it property? That gives you an idea of the institutional and individual interest.
Ethereum May Make Things Greener
In the end, he thinks that all Ethereum will be is a form of payment, while bitcoin will be something that investors continue to speculate, buy and get rich from. However, he was still complimentary towards ETH, claiming that it had the potential to be much greener in the future, something that really matters to him as of late.
O’Leary has said that bitcoin mining needs to become more environmentally sound if it wants to remain impactful. He has even stated he will not be buying any more BTC mined in China thanks to the country’s overreliance on fossil fuels and coal. He has even likened all BTC mined in China to “blood coin.”