- Kevin O’Leary told CNBC that ethereum’s network speed was too slow and called for US crypto regulation.
- Bitcoin could see inflows worth $1 trillion if regulators classify crypto as an asset and approve an ETF, he said.
- O’Leary said people didn’t want to be “cowboys” and fall afoul of regulators by investing in crypto.
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The “Shark Tank” investor Kevin O’Leary said the ethereum network was too slow and called the Securities and Exchange Commission’s threat to sue Coinbase a slowdown in regulation in a CNBC interview released on Monday.
The famed investor, also known as “Mr. Wonderful,” called for US regulators to set some rules around the crypto market, saying that people don’t want to be “cowboys” by investing in digital assets without a reliable regulatory framework.
Here are O’Leary’s 8 best quotes from the interview:
1. “I find ethereum – as a user, it’s too slow. And so there’s going to be other chains that are going to emerge.” – on the ethereum blockchain’s speed.
2. “I don’t want to get involved in crypto if the regulator says it’s not OK. I can’t afford to be offside. I cannot afford to be noncompliant.” – on the lack of regulatory clarity about cryptocurrencies.
3. “The regulators have pushed back on the Lend product from Coinbase, and that is a slowdown.” – on the SEC’s threat to sue the crypto exchange if it releases a product offering that would pay stablecoin owners 4% interest on their savings.
4. “When the 10-year [Treasury note] is making you less than inflation, you start to look to alternatives. And that’s why stablecoins are becoming interesting.”
5. “We want the regulator to actually make some decisions about crypto, because none of us that are in financial services want to actually be cowboys about this.”
6. “If the regulator finally allowed financial-services companies to call it an asset, put it into an ETF in the United States like they have in Canada and other countries, I figure there’d be another $1 trillion worth of buying into bitcoin. And we don’t have that yet, but that’s the opportunity.” – on the consequences of approving a bitcoin ETF.
7. “All the institutions are coming to the conference to discuss this very topic: When and how will the regulator get onside, and when will we consider cryptocurrencies an institutional asset class? We don’t know when, but it is definitely going to come. It’s not going away.” – on the agenda of the SALT Conference, scheduled for Sunday to Wednesday in New York.
8. “I am bullish on crypto, but also DeFi, decentralized finance. You know, it’s not just about bitcoin anymore or ethereum.”