“Shark Tank” star Kevin O’Leary criticized Ethereum (ETH) during his recent appearance on CNBC and touched on the scaling issues of the largest altcoin project.
Kevin O’Leary says Ethereum is ‘too slow’
During his recent statements on CNBC, O’Leary, who criticizes Ethereum and thinks it will be surpassed by new altcoin projects, explained:
As a user I find Ethereum (ETH) very slow. And so, there will be other Blockchains to emerge.
Recently, projects like Cardano, Solana, and Polkadot have emerged as formidable Ethereum competitors. O’Leary also stated that he is optimistic about the decentralized financial sector, adding that the industry is much broader than the two largest cryptocurrencies.
Institutional investors are coming to Bitcoin and altcoin projects
O’Leary claims that cryptocurrencies are not yet seen as an institutional asset, and He believes that Bitcoin will eventually achieve this status. But he says there needs to be regulatory clarity, emphasizing the importance of compliance:
I don’t want to get involved in crypto if the regulator says it’s inappropriate. I can’t afford to be offside. I can’t afford to be incompatible.
trillion dollar opportunity
The “Shark Tank” star predicts that another trillion dollars will flow into the Bitcoin market if the US Securities and Exchange Commission gives the green light to an exchange-traded fund:
I would have thought there would be another trillion dollars worth of purchases in Bitcoin. And we don’t have that yet, but this is the opportunity.
Meanwhile, Bloomberg’s Eric Balchunas said the SEC is likely to approve an ETF in November.
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