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FameEX Hot Topics | Kevin O'Leary Expects Significant Institutional Investment in Cryptocurrency, Irrespective of Spot Bitcoin ETF Decision
2024-01-05 16:23:16
Shark Tank investor and chairman of O'Leary Ventures, Kevin O'Leary, known as Mr. Wonderful, recently shared his insights regarding the institutional interest in cryptocurrency, particularly bitcoin, and its relation to the U.S. Securities and Exchange Commission (SEC)'s stance on spot bitcoin exchange-traded funds (ETFs). O'Leary expressed his view that institutional interest in crypto will persist, irrespective of the SEC's decision on these ETFs. He emphasized the resilience of crypto's long-term potential, even in the face of regulatory uncertainties.
On a social media platform, O'Leary commented on the buoyant anticipation in the market for the SEC’s approval of the first bitcoin ETF, which was expected by January 10th. He expressed skepticism, citing the SEC chair Gary Gensler's lack of confirmation on any specific timeline for a bitcoin ETF. O'Leary underscored that regardless of the SEC's decision, it would not alter the inherent long-term potential of cryptocurrency.
In an interview with Tradertv Live on December 29, O'Leary reiterated his stance, indicating his expectation that the SEC might not approve a spot bitcoin ETF. However, he firmly believed that this decision, whether affirmative or not, would not dampen the growing institutional interest in cryptocurrencies. He noted the significant institutional momentum building in the crypto sector. O'Leary, in November of the previous year, disclosed his interactions with various institutions and major organizations, all of which showed readiness to invest in bitcoin. He highlighted bitcoin's increasing recognition as a liquid asset and a store of wealth, with many considering it akin to a commodity. He added that the institutions he spoke to showed little interest in the broader spectrum of over 10,000 different tokens, focusing instead on bitcoin. Additionally, O'Leary pointed out the necessity for a fully SEC-compliant exchange for the approval of a spot bitcoin ETF. He referenced Coinbase, a Nasdaq-listed crypto exchange, as lacking such compliance due to its ongoing legal issues with the SEC. O'Leary has also commented on the evolving crypto regulations in the U.S., describing them as "very aggressive." He expressed a cautious view on the broader cryptocurrency market, suggesting that most crypto tokens could eventually become worthless. In summary, Kevin O'Leary's perspective reflects a robust confidence in the future of institutional investment in cryptocurrency, particularly bitcoin. His views suggest that the decisions of regulatory bodies, while important, may not significantly hinder the growing institutional interest in this evolving financial sector. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
