Celebrity investor Kevin O’Leary (aka “Mr. Wonderful” on ABC TV series “Shark Tank“) is encouraging people to look beyond Bitcoin for opportunities to invest in blockchain projects, such as Ethereum ($ETH) that could power future metaverses.
As reported by The Daily Hodl, during an interview with Kitco News on February 10, O’Leary said:
“If you’re willing to buy a Facebook, a Google or Microsoft, that’s all software. And the metaverse is just software, so I’m starting to take positions in some of these big platforms where the metaverse is going to live like in Polygon and HBAR and Ethereum.
“Bitcoin itself is just software. It’s not a coin, so I keep telling people if you’re willing to invest in traditional software as service companies like Microsoft, why aren’t you investing in Ethereum? Why aren’t you investing in Polygon and HBAR and Helium and all of these different platforms?
“I’ve got a pretty wide selection of these different software platforms not knowing which ones will be successful but it’s diversification.“
Back on January 17, during an interview with Anthony Pompliano on The Best Business Show, O’Leary explained his view that crypto has evolved into “software” rather than an alternative form of money.
He noted that he uses a similar process for vetting crypto projects as he does traditional software companies, including looking at the team behind the coin and their vision. He used the example of Polygon to explain his approach to investing in a crypto project:
As reported by The Daily Hodl, O’Leary said:
“If I want to invest in Polygon, I want to meet the engineering team, which I did in Dubai. I met the team, heard the vision of what they’re doing, looked at the economic reality at the outcome, the potential of it... First is team. If I check the box on team – smart guys, good engineers, good strategy, good group – I’m interested...
“Here’s the second test. What economic value are they creating? In the case of Polygon, aggregating transactions to reduce gas fees on Ethereum is a smart idea. You have an economic reason to pursue that. You save money. Transaction fees are less. I think the potential of that is large.“
Another example of a project that passes his tests is Hedera ($HBAR):
“Great team, good engineers. What’s the economic premise that would keep that growing? Boeing wants a quasi-centralized/decentralized platform, they want the best of both worlds. HBAR can deliver that, check the box there.“
And finally, here is what he said about Solana ($SOL):
“They’re trying to solve problems a different way to speed everything up. Check the box. Who’s working on that? [FTX exchange head] Sam Bankman-Fried and his team. Why wouldn’t you bet that horse?“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.