'Shark Tank' Investor Kevin O'Leary Believes NFT Will Surpass Largest Cryptocurrency in the Long Run

Joseph Henry, Tech Times 05 January 2022, 11:01 pm

Prominent investor Kevin O'Leary believes that the non-fungible tokens (NFTs) would be much bigger than bitcoin. The Canadian businessman predicted that the former will have a shot to have a brighter spotlight than the current largest cryptocurrency in the world.

Kevin O'Leary Predicts NFT's Supremacy

'Shark Tank' Investor Kevin O'Leary Believes NFT Will Surpass Largest Cryptocurrency in the Long Run

(Photo : Aaron Davidson/Getty Images for Art Wynwood)
MIAMI, FL - FEBRUARY 11: Kevin O'Leary attends Art Wynwood VIP preview show on February 11, 2016 in Miami, Florida.

According to a report from CNBC, "Shark Tank star Kevin O'Leary announced his bold prediction about NFTs. The Canadian businessman stated that he got this idea from the real-world ownership of items.

The popularity of NFTs has marked that digital collections such as art pieces and memorabilia could have a corresponding value. Some companies and collectors want to make physical NFTs a real thing.

In an interview with CNBC on Wednesday, Jan. 5, O'Leary said that the NFT trend will favor the fluid market compared to the real estate taxes and insurance policies for the next few years.

He added that it has a huge potential to do more than bitcoin can do in the world of cryptocurrency. Regardless of his prediction, he wanted to invest in both of them to see what would happen in the long run.

While the surge of NFT items is coming out of the market, many people are still hesitant to put their money onto them. They often question how sustainable these digital assets are and how long they could thrive in the virtual market.

Moreover, the left-and-right cases of hacking have added to the investors' doubt on NFTs.

Some startups are disguised as scamming organizations. There are also cases of stolen artworks from the original digital artists. These two instances add frenzy to the current scene for these non-fungible tokens.

O'Leary Calls Bitcoin 'Garbage'

In a report from the same news outlet, the Canadian millionaire previously said that Bitcoin as a cryptocurrency was "garbage." In 2019, he stated that it was a useless currency and a "worthless" one.

With regards to decentralized finance (DeFI), O'Leary maintained his bullish stance on this trend. The businessman added that he placed his largest portion of the investment to Ether. He has also placed the others on Bitcoin, Polygon, and Solana.

In the last six months, the Shark Tank investor has written around 40% of new checks connected to blockchain investments.

WonderFi Platform

In a separate report from CoinDesk, one of the fastest-growing DeFi platforms, WonderFi is reportedly adding 357,000 registered users. The O'Leary-backed site will allow $161.8 million to purchase Canada-based exchange Bitbuy.

According to Ben Samaroo, the CEO of the DeFi platform, the deal will pave the way for the licensed marketplace to allow the flow of digital assets in the economy. This would also contribute to the unified experience for their clients.

Meanwhile, Tech Times reported last month that "Wolf of Wall Street" author Jordan Belfort expressed disapproval for the meme coins such as DogeCoin and Shiba Inu.

In another story, China launched its e-CNY yuan wallet on its pilot version. The country's central bank is preparing to make it usable for the upcoming Beijing Winter Olympics.

This article is owned by Tech Times

Written by Joseph Henry