NFTs Could Become Bigger Than Bitcoin, Says Shark Tank’s Kevin O’Leary
Leading TV personality – Kevin O’Leary – believes that non-fungible tokens could emerge as a “much bigger and more liquid market” than Bitcoin. His assessment last summer came as a surprise as the Canadian businessman said there was no possibility of replacing the basic cryptocurrency.
Kevin O’Leary, or Mr. Wonderful, is another prominent figure who has been expressing mixed feelings for the cryptocurrency industry for years. His first impression of the crypto world came in 2019 when he described Bitcoin as “worthless”. He also called it “garbage” because you can’t go in large quantities.
In early 2021, he made a U-turn saying he would respect bitcoin. A few months later, he reportedly announced his entry into the BTC ecosystem by allocating 3% of his current portfolio.
In an interview with CNBC on January 5, he spoke about one of the presenters of the reality TV show Shark Tank, also known as O’Leary – non-fungible tokens and their rise over the years. The Canadian commented that by 2021, NFTs will be very popular and will become a bigger market than Bitcoin.
His belief in digital collections stemmed from the idea that he could prove ownership of real-world objects such as cars or watches.
“Over the next few years, you’ll see a lot of moves in making insurance policies and real estate transfer taxes online, and in validating the ability to turn NFTs into a much bigger and more liquid market than just Bitcoin.”
At the end, Mr. Wonderful said, “I’m investing in both sides of the equation.”
A few months ago, the Shark Tank host took a slightly different stance on this issue, stating that basic cryptocurrency is the right long-term investment tool. Compared to other digital assets such as ether, he said:
“This is the gold standard of digital currency. There is no substitute for anything. ”
However, he did have an unfavourable token – Dogecoin. According to Mr. Wonderful, investing in meme coins is no different than gambling. He says the dog has no inherent value and should be classified as pure speculation:
“When you imagine something like dogecoin – there’s nothing different than going to Las Vegas and putting your money in red or black – it’s pure speculation.”