Bitcoin and other digital assets have been successful in turning a lot of its critics in 2021. Kevin O’ Leary, Founder of O’Shares ETFs, was one such individual. The ‘Shark Tank’ personality is currently in favor of cryptocurrency investments. While he considered Bitcoin as ‘worthless’ in May 2020, he recently admitted that he owns Bitcoin. According to a recent CNBC interview, Leary suggested he needed to invest in assets such as Solana as well.
Choosing a winner between Solana, Polygon and HBAR
In the interview, Leary revealed that he invested in projects after carefully performing a background check with regulators. He did not consider digital assets in a way that the majority of people did. For him, software development and fundamental value greatly outvalued one particular factor.
In line with that thought, the O’Shares founder admitted he did not know which digital asset will be successful. The likes of Solana, Polygon, and HBAR had long-term prospects, as he claimed,
“I need to invest in all of those, not just one of them because I don’t know who the winner’s going to be.”
Leary indicated he was looking forward to projects that offered the best engineering talent and policy.
USDC and Stablecoin Preference
Similarly, Leary believed that the biggest opportunity for stablecoins remained with assets tied to the U.S dollar. Moreover, he did not have knowledge about other countries’ blockchain and how they were monitoring ownership of assets. For instance, Leary claimed that he could make a 6% return on buying the USD coin. USDC is backed by digital currency company Circle, and it is pegged to the U.S dollar. Lastly, he indicated that the United States should take the opportunity to “lead the charge” with stablecoins.
For Leary to choose Solana and Polygon made sense. These projects have risen in popularity in 2021 and solved certain scalability issues for the Ethereum network. While Polygon is a layer 2 protocol, Solana is more of a rival to Ethereum in terms of offering faster transactions at relatively lower fees.
It is important to note that Leary has been supportive of Ethereum as well, so it is not unlikely for him to have a stake with its competitors in the market.