“Shark Tank” star Kevin O’Leary’s enthusiasm for cryptocurrencies has not waned even as prices plummet. The famous presenter announced that he believes Solana and Polygon will be two of the most successful projects. Here are the details.
O’Leary spoke about cryptocurrencies and blockchain technology on the Best Business podcast earlier this week, and made some bold calls about the future of digital tokens on the show.
When asked how he determined which crypto to invest in, O’Leary said his two-step process involves first looking at the engineering team behind the crypto and then looking at the economic value the team has created.
“For example, when I look at the team, smart people, good engineers, good strategy, good group… these are important things. […] Here is the second test. What economic value do they create?”
At the end of this statement, he referred to altcoins such as Polygon (MATIC) and Solana (SOL) to clarify the investment process in question. Regarding celebrity presenter Solana, she seemed impressed with the team’s innovation efforts, “they’re trying to solve problems in a different way to speed things up.” said. But what really stood out about SOL was the team formed by 29-year-old Sam Bankman-Fried.
“Who is working on this? Sam Bankman Fried and his team. Therefore, this project seems to have great potential like the others.”
Despite the decline in the cryptocurrency market, SOL is still making big gains. At around $142, it’s still worth 4,000% more than last year, making it one of the strongest performers in the past 12 months. In front of SOL is the game platform Axie Infinity’s axs token with an increase of 11,500% and Polygon’s MATIC token, which increased by 7,500%.
O’Leary’s approach to MATIC is also similar to SOL; He said he met with the network’s engineering team for the first time in Dubai before assessing the economic value they want to create:
“To reduce gas fees on Eth, it’s a smart idea to aggregate transactions. You have an economic reason to pursue it. You save money. Transaction fees are less. I think the potential of that is huge.”
In addition to these, Ve O’Leary explained this process, explaining that after years of investing in the technology sector, he started seeing cryptocurrencies and everything digitally. According to him, the best way to see everything digitally is if it’s just software.
“One day crypto and all these software platforms will be S&P’s 12th sector”
However, he noted the importance of the US Fed’s efficient adoption and regulation of the cryptocurrency market. He said he hopes Fed Chairman Jerome Powell’s upcoming report on central bank digital currencies will show how the central bank plans to regulate the space, and that it “will become the global standard”.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.