Mr. Wonderful, Kevin O’Leary thinks that eventually, Non-Fungible-Tokens (NFT) will be worth more than Bitcoins.
The crypto skeptic turned crypto evangelist, holds multiple positions in the crypto world. He has also become the remunerated endorser and advocate for the crypto exchange FTX.
The ‘Shark Tank’ host, in an interview with CNBC’s ‘Capital Connection’ on 5 January 2022, asserted that NFTs provide a greater potential to attract capital when compared to Bitcoin (BTC), that is because of their ability to tokenize and authenticate physical assets. he seconds his opinion by stating that his belief in NFTs arises from the idea that they possess the tenancy of anything in reality, such as designer watches or even flash cars, digitally instead of with paper records. He says,
“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.”
Albeit, Kevin O’Leary said that he will still be fencing that bet and investing on either side of the equation.
Change of perspective for Kevin O’Leary
Earlier in May 2019, O’Leary had called Bitcoin ‘garbage’ in a take-down of the whole cryptocurrency industry. He stated that it was a mere “digital game” and that the asset was “worthless,” but it looks like, over the years, the Canadian investor has warmed up to the idea of the crypto world.
Not very long ago, in an interview with Forbes on 31 December 2021, Kevin O’Leary announced that Ether was his largest position which was bigger than Bitcoin. He explained that a large number of financial services and transactions have been occurring on it and that new software that consolidates transactions and reduces the overall cost in terms of gas fees on Ethereum were being developed, such as Polygon.
Now, he takes a bold opinion on the NFTs surpassing Bitcoins. According to reports, about 40% of the new checks O’Leary has written over the past few months have been for crypto and blockchain ventures. At the time of writing, Bitcoin was priced at $42927.01 with a daily drop of 8.06%.