Kevin O'Leary: Companies Will Maintain Interest in Bitcoin Even If Spot Bitcoin ETFs Aren't Approved in the US
Date: 2024-01-06 Author: Dima Zakharov Categories: BUSINESS
In a recent statement, Kevin O'Leary, best known as the host of the popular show Shark Tank and the chairman of O'Leary Ventures, expressed his confidence in the sustained interest of institutional investors in Bitcoin, regardless of the approval of spot Bitcoin ETFs by US regulators.
O'Leary is among those who doubt that the US Securities and Exchange Commission (SEC) will greenlight Bitcoin-related ETFs. However, even if this turns out to be the case, O'Leary believes that the long-term potential of the leading cryptocurrency remains unchanged.
"Why is Bitcoin currently enjoying such immense popularity? Everyone is anticipating the approval of the first Bitcoin exchange-traded fund (ETF) in the US by January 10. I'm not entirely convinced of that. SEC Chairman Gary Gensler has never confirmed a schedule for approving Bitcoin ETF applications," stated the venture investor.
In O'Leary's view, the primary obstacle for Bitcoin and Ethereum at the moment is the reluctance of major investment companies to allocate even 1-3% of their portfolios to cryptocurrencies, pending approval from US regulators.
Back in February 2023, the Shark Tank host made headlines by declaring that most digital assets lack value and will inevitably collapse to zero. O'Leary's pessimism at the time was tied to the collapse of the cryptocurrency exchange FTX. He was convinced that FTX would not be the last exchange to face bankruptcy.
