While both are relatively new concepts, bitcoin has been around longer than NFTs. However, Kevin O’Leary, an investor in the famous television show Shark Tank, believes that the latter will become bigger than cryptocurrency, and explains why.
O’Shares Investment Advisers chairman and investor Kevin O’Leary, in addition to converting after devaluing the cryptocurrency, has revealed that he believes NFTs have a chance of becoming bigger than bitcoin itself. According to Forbes, its belief stems from the fact that this technology can prove ownership of real-world items digitally, rather than on paper.
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“There will be a lot of movement in terms of authentication and insurance policies and online property transfer taxes over the next few years, making NFTs a potentially much larger and more fluid market than bitcoin,” Shark Tank investor told Capital Connection of CNBC.
Although NFTs are cryptographic tokens that serve to prove the authenticity of virtual items – usually expensive –, there are those who are joining efforts so that NFTs also represent physical goods.
While investing in “both sides of the equation” in 2019, O’Leary said bitcoin was “a worthless coin.” Now, he sees cryptocurrency as a way of diversifying assets, being enthusiastic about “decentralized finance”.
Despite believing in the growth of NFTs, investors do not rule out bitcoin. In fact, he stressed the importance of cryptocurrency being regulated. For example, the United States, as well as other countries, are trying to keep up with the evolution of the market, in order to avoid potential launderings and to protect consumers from financial harm.
“Different geographies have different policies regarding encryption. You have to go and find jurisdictions that are more progressive,” explained O’Leary.
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