Shark Tank star Kevin O’Leary criticized Ethereum during his recent speech on CNBC, pointing out the scaling problems of the second largest blockchain.
O’Leary predicts that competing blockchains will eventually challenge his dominance.
“I believe that Ethereum as a user is too slow. So, there will be other chains as well, ”he said.
Recently, blockchains like Cardano, Solana and Polkadot have become serious competitors to Ethereum.
O’Leary also states that he is optimistic about the decentralized finance industry, adding that the industry is much broader than the two largest cryptocurrencies.
Institutional money goes
O’Leary argues that cryptocurrencies are not yet considered an institutional asset.
But the business tycoon is confident that the leading cryptocurrency will gain that status over time.
However, he says there is a need for clarity in regulatory requirements, highlighting the importance of compliance.
“I don’t want to get involved with cryptocurrency if the regulator says it’s not okay. I can’t afford to be offside. I cannot afford to disobey, ”he said.
Trillion Dollar Opportunity
The “Shark Tank” star predicts another trillion dollars will go to the bitcoin market if the US Securities and Exchange Commission gives the green light to ETFs.
“I believe it will cost another trillion dollars to buy bitcoins. And we don’t have that yet, but it’s an opportunity, ”O’Leary said.
Erik Balchunas of Bloomberg said the SEC is likely to approve the first ETF in November.