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Kevin O’Leary explains why NFTs could be bigger than Bitcoin

John KumiBy 0Edited by John Kiguru 6. January 20223 Mins Read
  • According to Shark Tank’s Kevin O’Leary, NFT can grow to become bigger than Bitcoin. 
  • However, co-founder and chief operating officer at CoinGecko Bobby Ong believes this comparison is unfair.

The Non-Fungible Token (NFT) ecosystem has recorded an incredible adoption with many celebrities and institutions entering the space in the last couple of months. Many experts predict that NFTs will continue to grow this year. Interestingly, OpenSea, an NFT marketplace, can testify to a boom in trading volume in the first week of 2022. In 2021, over $20 billion worth of NFTs was traded according to reports.

Related: OpenSea trading volume surges in January as Bored Ape craze hits new height

 O’Shares Investment Advisers chairman, Kevin O’Leary has in a recent interview proved to be a strong believer of NFTs, predicting the ecosystem to be bigger than Bitcoin. According to him, its digital representation of ownership of real-world items like cars and designer items puts it in a better position to grow even bigger. 

You’re going to see a lot of movement in terms of doing authentication and insurance policies and real estate transfer taxes all online over the next few years, making NFTs a much bigger, more fluid market potentially than just bitcoin alone.

Bobby Ong thinks NFT and Bitcoin comparison is unfair

This position has been objected to by co-founder and chief operating officer at CoinGecko Bobby Ong. According to him, it is unfair to compare Bitcoin which is a single asset to NFT which is an entire sector. He, however, admitted that there is a lot of room for NFTs to grow looking at its adoption in the previous year. 

O’Leary has taken contradictory positions on Bitcoin in the past. In 2019, he mentioned that Bitcoin is worthless. 

It is a useless currency. To me, it’s garbage, because you can’t get in and out of it in large amounts.

More recently, he changed his stance to label Bitcoin as a very good hedge against rising inflation. It has also been disclosed that close to half of his written checks in the last six months are for crypto and blockchain-related ventures. In his interview, he disclosed that he holds some positions in Bitcoin, Solana, and Polygon. Among all, his largest position is Ethereum. 

Read More: Shark Tank investor Kevin O’Leary all set to double crypto holdings in next quarter

Many financial experts have stressed the introduction of crypto regulation to control its use just like any other financial instrument. According to O’Leary, this prevents money laundering and protects consumers from the risk involved. He also admitted that different countries or jurisdictions have different policies regarding crypto. For this reason, it is important to consult countries or jurisdictions that have more progressive policies. 

He cited Canada as an example. Canada has approved a Bitcoin Exchange Traded Fund (Bitcoin-ETF). The likes of UAE and Switzerland are all crypto-friendly countries with progressive policies. 

You have to be optimistic and constructive. The floodgate of capital will come in through sovereign and pension plans that don’t exist yet.

 

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

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