Shark Tank jury Kevin O’Leary continues to come up with his cryptocurrency comments. O’Leary says the shortcomings of Ethereum (ETH) make the network open to competition. He also shares his expectations for the layer-1 sector. Here are the details…
Kevin O’Leary comments on the cryptocurrency market
O’Leary, who is one of the judges in the Shark Tank TV show, which entrepreneurs participate in, and who is known to be a billionaire, shared his latest thoughts in an interview. In a recent Stansberry Research interview, O’Leary says anything can still happen in the youth tier-1 industry. O’Leary points out that “at the end of the day, Ethereum is slow and expensive.” Therefore, he states that if ETH does not correct itself, there will be a lot of competition. In this area, he prefers to wait and see what happens.
On the other hand, the billionaire name talks about 3 applications that need attention. Two of these are Hedera Hashgraph (HBAR) and Solana (SOL), which are named Ethereum competitors. O’Leary also points to the layer-2 solution Polygon (MATIC). O’Leary uses the following statements about these three projects:
I also think there are other apps like HBAR, Solana, Polygon. There are all kinds of different ideas about how apps should be, how financial services work, cost, speed, fees, transparency, audibility, security, all that. I say to people, ‘Look, if you want investment exposure, have at least seven or eight positions in these projects because you don’t know what’s going to happen.
O’Leary appeals to people who insist on a particular project
The Shark Tank member says it’s wrong for people to insist on a particular project and say, “I know this will really work.” While saying that such people “have no idea,” he adds, “at the end of the day, if he doesn’t make any money, it will go to zero like any other business.” As we reported on cryptokoin.com, O’Leary is the chairman of O’Shares Investments and a strategic investor in WonderFi.
Earlier, he revealed that he has many cryptocurrencies in his portfolio. Although he did not say all of the projects he invested in, he did say that he has a large position in Bitcoin, ETH. He stated that he also invested in altcoins and some other cryptocurrencies he mentioned above. Overall in the interview, O’Leary also explains why he believes cryptocurrencies will not disappear. It also explains why the low prices we are seeing in the market right now are a great opportunity for investors. Because O’Leary thinks that in the long run, crypto has become S&P’s 12th sector.
O’Leary expressed some doubts about the upcoming Ethereum Merge despite being his biggest position. As it is known, with the merge, the ETH network will switch from the proof-of-work algorithm to the proof-of-stake.
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