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Kevin O’Leary explains why NFTs can be bigger than Bitcoin

  • According to Kevin O’Leary of Shark Tank, NFTs can be more than Bitcoin.
  • However, CoinGecko Co – Founder and COO Bobby Ong believes this comparison is unfair.

The non-fugible token (NFT) ecosystem has taken an incredible turn with many celebrities and institutions entering space over the past few months. Many experts predict that NFTs will continue to grow this year. Interestingly, OpenSea, the NFT market, can see a surge in trading volume in the first week of 2022. In 2021, more than $ 20 billion of NFT was traded, according to reports.

O’Shares Investment Advisers Chairman Kevin O’Leary has proven in a recent interview that he is a firm believer in NFTs, predicting that the ecosystem will outperform Bitcoin. According to him, its digital representation puts the ownership of real-life items, such as cars and designer items, in a better position to grow even larger.

In the next few years there will be a lot of movement in authentication and insurance policies and real estate transfer taxes, all online, making NFTs a much larger market and potentially more fluid than just bitcoins.

Bobby Ong thinks the comparison between NFT and Bitcoin is unfair

CoinGecko Co – Founder and COO Bobby Ong challenged this position. According to him, it is unfair to compare Bitcoin, which is a single asset, with NFT, which is a whole sector. He acknowledged, however, that there is plenty of room for NFTs to grow if you look at taking them over the past year.

O’Leary has taken a contradictory stance on Bitcoin in the past. In 2019, you mentioned that Bitcoin is worthless.

It is a useless base. I think it’s rubbish, because you can’t get in and out of it in large quantities.

Recently, he changed his position to label Bitcoin as a very good hedge against rising inflation. It is also revealed that about half of its checks issued in the last six months are for crypto and blockchain related companies. In his interview, he revealed that he holds several positions in Bitcoin, Solana, and Polygon. Among all, its main site is Ethereum.

Many financial experts have stressed the introduction of regulation of cryptocurrencies to regulate their use like any other financial instrument. According to O’Leary, this prevents money laundering and protects consumers from the dangers involved. He also acknowledged that different countries or jurisdictions have different policies regarding crypto. Therefore, it is important to consult countries or jurisdictions with more progressive policies.

He cited Canada as an example. Canada has an approved Bitcoin exchange-traded fund (Bitcoin-ETF). Countries such as the United Arab Emirates and Switzerland are progressive crypto – friendly countries with progressive policies.

You have to be optimistic and helpful. The capital gateway will enter through sovereign and pension plans that do not yet exist.

Esdras Collins

Esdras Collins is an early investor in bitcoin and a veteran trader in the cryptocurrency and foreign exchange markets. He is fascinated by the complex possibilities of blockchain technology and is committed to making the subject accessible to all. His reports focus on the development of various cryptocurrency technologies.

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