Kevin O’Leary, a prominent figure from “Shark Tank,” doesn’t find much appeal in the current excitement surrounding spot bitcoin ETFs, despite their significance for the US crypto industry.
O’Leary dismisses the idea of joining the frenzy primarily because of the fees imposed by ETF issuers, even though some are temporarily waiving them.
Expressing his viewpoint on Fox Business, O’Leary, who considers himself a bitcoin purist holding it as digital gold for the long term, questions the rationale behind purchasing an ETF. He argues that paying unnecessary fees adds no value for those who share a similar perspective on holding bitcoin.
While the SEC approved 11 bitcoin ETFs on a recent Wednesday, O’Leary is skeptical about the survival of all of them. Instead, he anticipates that only two or three will emerge as winners, aligning with a prediction made by Galaxy Digital CEO Mike Novogratz. O’Leary places his bets on industry behemoths like Fidelity and BlackRock, citing their substantial sales forces as a key factor in potential success.
Despite his reservations about investing in these new ETFs personally, O’Leary acknowledges the regulatory approval as a meaningful step forward for the crypto industry. He hopes this development will prompt lawmakers to explore digital payment systems, including the dollar-linked stablecoin USDC.
O’Leary emphasizes that, while this approval is a significant milestone, the crypto industry is still in its early stages, comparing it to the first inning of a baseball game.
In a separate interview with CoinDesk, O’Leary discusses his belief in bitcoin’s potential to triple in price by 2030, reaching $150,000 to $250,000. However, he dismisses Cathie Wood’s more bullish projection of bitcoin hitting $1.5 million by 2030, stating that such an astronomical increase would likely only occur in the event of a severe economic catastrophe, a scenario to which he does not subscribe.
