Investor and "Shark Tank" star Kevin O'Leary says digital payment systems represent the biggest opportunity for the growth of cryptocurrencies.
He says that the innovation in the digital currency will take us to a much more transparent, auditable, and less expensive way of processing payments around the world.
Payment systems are the biggest opportunity we have in the case of digital currencies, this is why regulation is so important. That's just the truth.— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) June 10, 2022
"A wave of digitization is coming to every single sector and that no matter what one does, a new digital economy is emerging at the forefront of the global financial landscape," he adds.
Digitization is happening in EVERY sector. I don’t care what you do, a new digital economy is emerging.— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) June 10, 2022
He advocates the regulation of the crypto industry and says anyone who doesn't see the need for more legislative policy in crypto is crazy.
He believes institutional capital will never be allocated to the asset class until proper regulations are set.
"I want there to be policy. I'm not a crypto cowboy; I'm compliant. I want to bring sovereign wealth and pension funds into this, so prices appreciate and stabilize. For all the excitement about crypto, we're only $1.2 trillion, and that's a nothing burger. Nothing! $800 billion, who cares? That may sound like a lot of money, but it's nothing in the context of what it could be if we can get this worked out," he adds.