Shark Tank’s Kevin O’Leary says three things need to happen for crypto to reach mass adoption
Shark Tank’s Kevin O’Leary says three key things need to happen to make the mass adoption of cryptocurrency a reality.
In a new interview with crypto strategist Scott Melker, O’Leary first takes aim at a need to improve crypto wallets, calling the existing ones difficult to use.
“The wallet has to work. And basically, the wallets, whether you’re decentralized or centralized, for lack of a better word, crap. They are just crap. And they are not safe. They are difficult to use. The average person does not know what they are doing. The passphrase technology, everyone is broken the first time. You always start with $250 and lose it immediately. You get it ripped off. It’s always good to learn that. But it’s just not going to work. Web3 is about solving that problem.”
He then says that overall security in the space needs to be improved so that people trust investing in crypto as much as they do investing in traditional assets through well-established financial institutions.
“We need security. You need to have much better security when collecting assets, even if it’s just stablecoins.
But if you start building a portfolio in today’s world and you put some of your savings to work, I don’t care if you use Schwab or Fidelity or Interactive Brokers, you’re not worried about security. They have solved that problem. They have built that trust. They have been doing it for decades. And you’re happy to keep your possessions. We have to solve it in Web3. You need to feel that there is security for where your belongings are kept.”
O’Leary concludes by calling government regulation a key component to having widespread crypto adoption.
“And finally, and just to support the other two, we need regulation. All these people who were the founders of this wonderful nascent industry who believe that it cannot be regulated, should never be regulated, I thank them for getting us to today. But now I want them to get off the bus and let the rest of us take this on. Because there’s no way we’re going to get the trillions of dollars in assets here without regulation. And that’s the part that makes it mass adoption. When your grandma wants to own USDC (USD Coin), you know you’ve made it.”
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