- Kevin O’Leary said ethereum’s network speed is too slow, and called for US crypto regulation in a CNBC interview.
- Bitcoin could see inflows worth a trillion dollars if regulators class crypto as an asset and approve an ETF, he said.
- O’Leary said people don’t want to be “cowboys” and fall foul of regulators by investing in crypto.
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The famed investor, also known as “Mr. Wonderful,” called for US regulators to set some rules around the crypto market, saying no one wants 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 okay. I can’t afford to be offside. I cannot afford to be non-compliant.” – on the lack of regulatory clarity on 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 its 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’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.” – on the consequences of bitcoin ETFs being approved.
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 cryptocurrencies be considered 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 to take place between September 12-15 in New York.
8. “I am bullish on crypto, but also decentralized finance. It’s not just about bitcoin or ethereum anymore.”