Crypto has been around since 2009, but it has been slow to achieve mass adoption. For analysts, the widespread adoption of this technology has been delayed by the fact that all the conditions have not been met to convince many users. Recently, during an interview with Scott Melker, Kevin O’Leary from Shark Tank presented 3 key elements for widespread adoption.
Wallets are easier to use
In his interview with strategist Scott Melker, Kevin O’Leary talks about how to get 1 billion people to invest in crypto. The top executive nicknamed Mr. Wonderful shows that improving the digital wallet essential for the mass adoption of crypto technology. According to him, today’s wallets are far from easy to use.
“The wallet must work, whether you are decentralized or centralized (…) Unfortunately, most wallets are dirty. They are not sure. They are difficult to use“, hammered Kevin O’Leary.
Mr. Wonderful explained that it is difficult for beginners to get into crypto wallets. He assured: “We always start with 250 dollars and lose it quickly. You will be scammed“.
Crypto security and regulation
For O’Leary, the second necessary condition for the widespread adoption of cryptos is security. The tall frame calls for a strengthening the security of the world’s space crypto. He explained that this is the key to getting consumers to trust cryptos like traditional assets.
“We need security. There should be better security when hoarding assets, even if they are just stablecoins“, he specified. He remembers that companies like Schwab, Fidelity and Interactive Brokers have solved the problem related to security. As a result, consumers have full confidence in them to build a portfolio and invest which is part of their savings.
Mr. Wonderful then added: “We need to solve this problem in Web3. You should feel secure where your assets are held“. “Finally, and just to support the other two points, we need regulation“, he concluded.
According to Kevin O’Leary of Shark Tank, there is a need to develop the digital wallet, strengthen the security of the new industry and regulate it to achieve the mass adoption of digital currencies. The top executive argued that regulation is a must to reach 1 billion different crypto users.
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Far from dampening my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my motivation. So I decided to study and understand the blockchain and its many uses and relay the information in my pen related to this ecosystem.