Kevin O’Leary, a prominent figure from “Shark Tank,” has expressed skepticism about the recently approved Spot Bitcoin ETFs in the U.S., citing the unnecessary fees charged by issuers, despite some waiving them temporarily. In an interview with Fox Business, he stated that he would never buy an ETF for long-term Bitcoin investment due to these fees, which he finds redundant.
O’Leary further commented that he sees little chance of survival for any of the 11 Bitcoin ETFs approved by the SEC as of Wednesday. However, he acknowledged the possibility of a few standing out, referencing a prediction by Galaxy Digital’s CEO Mike Novogratz that two or three might differentiate themselves from the group.
He suggested that industry giants like Fidelity and BlackRock have a higher chance of rising to the top, attributing this to their massive sales forces. Despite his reservations about investing in these new ETFs, O’Leary emphasized that SEC-approved ETFs are a meaningful part of advancing the crypto industry.
O’Leary also touched on the potential for lawmakers to start examining digital payment systems like stablecoins tied to the dollar following the ETF approvals. In another interview, he predicted Bitcoin’s price could exceed $150,000 by 2030, but disagreed with Cathie Wood’s forecast of Bitcoin reaching $1.5 million unless there’s an economic disaster in the U.S.
At the time of writing, Bitcoin was experiencing a price drop on the second day after the ETF approval, trading around $43,000, with a 27% decrease in trading volume over the last 24 hours, hovering just above $38 billion. The overall Bitcoin market cap was slightly above $850 billion.