- The present craze around Bitcoin ETFs doesn’t appeal to O’Leary much.
- Fees levied are his main worry since they don’t do anything to help long-term Bitcoin holders.
The famous investor Kevin O’Leary from the popular TV show “Shark Tank” has lately voiced his doubts on the merit of Bitcoin ETFs. The present craze around Bitcoin ETFs doesn’t appeal to O’Leary much, despite the fact that he is known as a long-term Bitcoin investor.
Fees levied by ETF issuers are his main worry since, in his opinion, they don’t do anything to help long-term Bitcoin holders like himself. There was a lot of excitement when the U.S. SEC approved ETFs; it was a major step forward for regulation. But according to O’Leary, a lot of these ETFs will have a hard time staying afloat.
Two or Three ETFs to Outperform Rivals
Few, he believes, will succeed owing to their extensive sales networks; this is especially true of those sponsored by financial behemoths. This forecast is in line with the predictions of Galaxy Digital CEO Mike Novogratz, who anticipates that two or three ETFs would outperform the competition.
Regardless of his position on Bitcoin ETFs, O’Leary does not deny the wider beneficial effects of their SEC approval. Digital payment systems, like the USDC stablecoin, may get more attention as a result of this move, in his opinion. His pessimism about the fledgling crypto sector, nevertheless, tempers his hope.
Market volatility increased once spot Bitcoin ETFs were introduced. The price of Bitcoin fell from $49,000 and finally settled around the $42,000 mark.
There were discussions over the impact of these ETFs on Bitcoin’s value in the long run, but the initial excitement was soon tempered by a price decline. In his optimistic assessment of Bitcoin’s future, O’Leary predicts a price spike of $150,000 to $250,000 by the year 2030.
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