Many of the bank stocks are on the move today, but O’Shares ETFs Chairman Kevin O’Leary would prefer to put money to work in the crypto space, he said Friday on CNBC’s “Fast Money Halftime Report.”
Returns on assets are “challenged” for money center banks, O’Leary said.
“When I put new money to work now, I’m far more interested in decentralized finance,” he told CNBC.
The crypto space is starting to appeal to institutions, he said. There is a change coming to the industry and a lot more money is flooding into crypto, O’Leary said.
Price Action: Bitcoin (CRYPTO: BTC) is up 46.9% year-to-date, while Ethereum (CRYPTO: ETH) is up 287.64% year-to-date.
At last check Friday, Bitcoin was up 3.95% at $42,524 and Ethereum was up 2.19% at $2,864.94.
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