Renowned investor and “Shark Tank” star Kevin O’Leary has expressed doubts about the frenzy surrounding Bitcoin exchange-traded funds (ETFs).
While the recent SEC approval of spot Bitcoin ETFs marks a milestone for crypto, O’Leary sees little value in participating.
In a Fox Business interview, the outspoken Bitcoin bull argued against buying Bitcoin ETFs, stating that as a long-term holder, he would never purchase an ETF since they provide no benefit. One concern he raised is the fees ETF issuers charge.
O’Leary predicted consolidation, saying only major player ETFs like Fidelity and BlackRock would survive due to extensive sales reach. He expects 2-3 ETFs will stand out, aligning with Galaxy Digital CEO Mike Novogratz’s forecast.
Despite his skepticism, O’Leary acknowledged the ETF approval as a big step forward in legitimizing crypto.
He hopes it encourages exploring digital payment systems like USDC. While bullish on Bitcoin hitting $150k-$250k by 2030, he disagreed with Cathie Wood’s $1.5 million target, calling it implausible without an economic catastrophe.
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