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Ethereum Is "Too Slow," Says Business Mogul Kevin O'Leary

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Mon, 09/13/2021 - 16:02
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Alex Dovbnya
Kevin O'Leary poured cold water on Ethereum, taking aim at its poor scalability
Ethereum Is "Too Slow," Says Business Mogul Kevin O'Leary
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"Shark Tank" star Kevin O'Leary slammed Ethereum during his recent appearance on CNBC, pointing to the second-largest blockchain's scaling problems:

O'Leary predicts that competing blockchains will end up challenging its dominance:

I find Ethereum, as a user, it's too slow. And so, there's going to be other chains that are going to emerge.

As of recently, the likes of Cardano, Solana and Polkadot have emerged as formidable Ethereum competitors.

O'Leary also states that he is optimistic about the decentralized finance industry, adding that the industry is much broader than the two largest cryptocurrencies.

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Institutional money is coming

O'Leary claims that cryptocurrencies are not considered an institutional asset just yet.

The business mogul is convinced that the leading cryptocurrency will eventually acquire this status.

However, he says that there needs to be regulatory clarity, highlighting the importance of compliance:

I don't want to get involved in crypto if the regulator says it's not okay. I can't afford to be offside. I cannot afford to be non-compliant.

A trillion-dollar opportunity

The "Shark Tank" star predicts that another trillion dollars will flow into the Bitcoin market if the U.S. Securities and Exchange Commission greenlights an exchange-traded fund:

I'd figure there'd be another trillion dollars' worth of buying into bitcoin. And we don't have that yet, but that's the opportunity.

Bloomberg's Eric Balchunas said that it was likely to approve an ETF in November.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.