Attending a show on CNBC, businessman Kevin O’Leary criticized Ethereum (ETH) and addressed the blockchain’s scaling issue.
O’Leary believes rival blockchains will challenge Ethereum’s dominance:
“As a user, I find Ethereum very slow. For this reason, different blockchains will emerge.”
Recently, blockchains such as Cardano (ADA), Solana (SOL), and Polkadot (DOT) seem to be the main competitors of Ethereum. Solana and Cardano, in particular, continue to attract the attention of the crypto community with their recent debut.
O’Leary is also optimistic about DeFi, noting that the industry is wider than the two largest cryptoassets.
“Cryptos Will Achieve Institutional Status”
Although the famous businessman states that crypto assets are not yet seen as an institutional asset, he thinks that they will eventually achieve this status.
In addition, emphasizing the importance of compliance, O’Leary also says that there should be regulatory clarity in cryptos.
“I don’t want to get involved in crypto if regulators say it’s inappropriate. I can’t afford to be incompatible”
O’Leary stated that if the SEC approves the Bitcoin (BTC) ETF, the market for the asset will rise another $1 trillion.