Shark Tank’s Kevin O’Leary says that three vital things must take place to make the mass adoption of cryptocurrencies a reality.
In a new interview with crypto strategist Scott Melker, O’Leary first sets his sights on a need to improve crypto wallets, calling the existing ones hard to use.
“The wallet has to work. And basically, the wallets, whether you’re decentralized or centralized, for lack of a better word, are shit. They’re just shit. And they’re not safe. They’re hard to use. The average person doesn’t know what they’re doing. The passphrase technology, everybody gets screwed 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 that just isn’t going to work. Web3 is about solving that problem.”
He next says the overall security in the space must improve so that people trust investing in crypto as much as they do when they invest in traditional assets through well-established financial institutions.
“We need security. You got to have much better security as you amass assets, even if it’s just stablecoins.
But if you’re starting to build a portfolio in today’s world and you’re putting some portion of your savings to work, I don’t care whether you use Schwab or Fidelity or Interactive Brokers, you’re not worried about security. They’ve solved that problem. They’ve built that trust. They’ve done it over decades. And you’re happy to hold your assets. We got to solve that in Web3. You got to feel that there is security to where your assets are being held.”
O’Leary ends by calling government regulation a key component to having widespread crypto adoption.
“And lastly, and just supporting the other two, we need regulation. All these people that were founders of this fantastic nascent industry that think it can’t be regulated, never should be regulated, I thank them for where they got us to today. But now I want them to get off the bus and let the rest of us take this forward. Because there’s no way we’re going to get that trillion dollars of assets in here without regulation. And that’s the part that makes it mass adoption. When your grandmother wants to own some USDC (USD Coin), then you know you’ve made it.”
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