Kevin O’Leary, chairman of O’Shares Investments who is also known as “Mr. Wonderful” in reality show “Shark Tank,” said he is excited about decentralized finance’s potential to disrupt traditional finance, but anticipates a long road for institutional adoption.
That is partly because he’s intrigued by DeFi’s prospect to lower the costs of foreign exchange transactions. Decentralized finance refers to blockchain-based systems that operate without centralized intermediaries. As the systems eliminate the needs for middlemen, they aim to reduce transaction costs.
“If the regulators in Switzerland, in England and in the Eurozone approved a payment system using DeFi, we could decimate the costs. We can eradicate them by 80%, 90%,” he added. O’Leary also started investing in crypto as a hedge against inflation. With inflation rates of over 2%, “I’m actually losing money holding cash,” O’Leary said.
Lol dudes getting sued for fraud!!!