Millionaire businessman Kevin O’Leary He noted that stablecoins are more valuable than Bitcoin because of their role in the global financial system. He also highlighted the “huge opportunity” that one of the top-tier networks could be the biggest beneficiary of traditional finance companies (TradFi) moving across the chain.
Kevin O’Leary praises stablecoins over Bitcoin
in Share XKevin O’Leary participated in an interview with FOX in which he praised Bitcoin stablecoins. He described BTC as a speculative asset whose price fluctuates due to its volatility. Meanwhile, the entrepreneur described stablecoins as an interesting product in financial services, noting that they are valuable because they are backed by US Treasury bonds.
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O’Leary also noted that the “beauty” of these stablecoins is that they can be transferred in seconds, not days. As such, I explain how these stablecoins are on top of the current payment system, since one’s money can sometimes be lost when using FedWire or… Bank transfer systems.
The businessman added that these transfer systems are also expensive, which is another advantage that stablecoins have over them, as one can transfer money for a fraction of the fees using stablecoins. As such, O’Leary suggested that stablecoins, rather than Bitcoin, could have a significant impact in the real world. However, he highlighted the advantage of Bitcoin, noting that it is commonly referred to as… Digital gold.
It is worth noting that O’Leary is a Bitcoin bullish supporter despite his comment about BTC being a speculative asset. last month, a statement He only consolidated his cryptocurrency holdings into BTC and Ethereum after years of exposure to other tokens. The entrepreneur explained that he made the move to merge into BTC and ETH only after regulatory transformation and institutional analysis led to a re-evaluation.
The big opportunity for crypto networks
As part of his interview, Kevin O’Leary also mentioned that there is a huge opportunity available for cryptocurrency networks, with expectations for that Standard & Poor’s 500 It can adopt blockchain technology for contract analysis, inventory management and logistics. He pointed out that he does not know which network will benefit most from this, as no one knows which blockchain these companies will standardize.
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However, he noted that a winner among these cryptocurrency networks will emerge once at least one company in each of the eleven sectors of the economy chooses to standardize their blockchain network. It should be noted that Ethereum appears to be leading Bitcoin and other layer-1 networks in this regard at the moment.
Ethereum is currently the leader In RWA tokenization, the network holds 67% of the market share of all tokenized assets. RWA.xyz Data indicates that the network has a total RWA value of $18.6 billion, excluding stablecoins. Institutions in particular have chosen Ethereum and other newer layer-one networks over the Bitcoin network, which lags behind in RWA tokenization.
Featured image from Pixabay, chart from Tradingview.com
