Shark Tank entrepreneur and star Kevin O’Leary has become a proponent of NFT and believes it can outperform Bitcoin. However, he does not refuse to buy BTC.
Investor Kevin O’Leary strongly believes in the potential of non-fungible tokens. His position he
substantiated so that NFT owners can prove their ownership of real items, be it designer watches or luxury cars, and they can do so digitally, without the use of paper documents.
O’Leary suggested that collectible tokens will find more widespread use in the next few years. For example, NFTs can be used to issue identity documents, draw up insurance contracts, and in real estate. According to the entrepreneur, this will make NFT a much larger and more liquid market compared to Bitcoin.
“Time will tell if this happens, but I’ll bet on both sides of the equation. I will invest in NFT and Bitcoin. Any one of them can be a winner, ”said O’Leary.
Indeed, in 2021, the hype around NFT continued to grow. According to DappRadar, in the third quarter of last year, sales of collectible tokens increased to $ 10.7 billion, which is eight times higher than in the previous quarter. However, as NFT has matured, fraud has become more frequent in the industry. A digital art aficionado recently fell victim to a phishing attack, with 16 NFTs worth $ 2.2 million stolen from him.
O’Leary hasn’t always been a proponent of cryptocurrencies. A few years ago, he called bitcoin “rubbish and worthless currency that is worthless.” Then O’Leary became interested and loyal to digital assets, as they can be used to diversify the investment portfolio. In the fall, the entrepreneur showed support for DeFi, calling decentralized finance a blockchain-powered analogue of the traditional financial system. O’Leary noted that in addition to BTC, his crypto portfolio includes ETH, SOL and MATIC.
Kevin O’Leary also considers it necessary to clarify the regulation of the cryptocurrency industry, in particular stablecoins. According to the entrepreneur, stable cryptocurrencies can also be considered an excellent medium of exchange if people are having difficulty getting money in cash.
In 2020, O’Leary announced his readiness to invest in Bitcoin ETFs if this investment product is approved by the US Securities and Exchange Commission (SEC).
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