The Shark Tank host and chairman of O'Leary Ventures is confident that institutional investor interest in the first cryptocurrency will remain high, regardless of whether spot Bitcoin ETFs are approved by the US authorities.
Kevin O'Leary is among the camp of people who do not believe the US Securities and Exchange Commission (SEC) will allow the launch of Bitcoin-linked ETFs. But even if this really is the case, the expert is sure that the long-term potential of the first cryptocurrency will not change.
“Why is Bitcoin so popular now? Everyone expects the first Bitcoin exchange-traded fund to be approved in the US by January 10th. I'm not entirely sure about this. SEC Chairman Gary Gensler Never Confirmed Timetable for Approving Bitcoin ETF Applications, Venture Capitalist Says.
According to the entrepreneur, now the main constraint for Bitcoin and Ethereum is the reluctance of large investment companies to allocate at least 1-3% of their portfolio to cryptocurrencies, awaiting approval from the American regulator.
In February 2023, the Shark Tank host said that most digital assets have no value and are bound to collapse to zero.. O'Leary's pessimistic sentiments were associated with the collapse of the FTX cryptocurrency exchange. The investor was convinced that FTX was not the last exchange to face bankruptcy.