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Shark Tank’s Kevin O’Leary says the shortcomings of Ethereum (ETH) leave the smart contract platform exposed to competition.
In a recent Stansberry Research interview, O’Leary says anything could still happen in the young layer-1 sector.
But really, at the end of the day, ETH is slow and it’s expensive. So if it doesn’t fix itself, it’s going to have lots and lots of competition. And so, everybody has an opinion on this. And I think the market is being the market – I have a pretty big position as well. I’m going to wait and see what happens because it has attracted more applications, more usage than anything else to date. But that doesn’t mean it’s fixed in stone. Anything could happen.”
O’Leary names two Ethereum competitors, Hedera Hashgraph (HBAR) and Solana (SOL), as well as layer-2 solution Polygon (MATIC) as applications to look out for.
“I also think there are other applications, from HBAR, Solana, Polygon, all kinds of different ideas in terms of how this should happen and how financial services work and the cost, the speed, the fees, transparency, audibility, security, all of these things.
And I tell people, ‘Look, if you want exposure, have at least seven or eight positions on these projects because you just don’t know. You can do it by order of market capitalization, and that’s easy to find out, but that doesn’t mean you’re right on doing that either…’
And when people tell you, ‘I know with certainty this is really going to work’, they have no idea… At the end of the day, if it never makes any money, it’s going to zero like every other business, and many will go to zero.”