Kevin O’Leary on Institutional Interest in Crypto
Shark Tank investor Kevin O’Leary, also known as Mr. Wonderful, has discussed the potential impact of the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs) on institutional interest in crypto.
O’Leary shared on social media platform X that Bitcoin’s price has been increasing in anticipation of the SEC approving the first bitcoin ETF before January 10th. However, he doesn’t expect the SEC to approve it, stating that the SEC chairman has another 18 months in his mandate.
Despite this, O’Leary believes that the SEC’s decision will not affect institutional investor demand for crypto. He emphasized that even if the SEC says no to the ETFs, it won’t change the overall momentum of institutional interest in crypto.
In November last year, O’Leary mentioned that institutions and major organizations are ready to invest in bitcoin. He stated that they are not interested in the thousands of tokens available, but rather in bitcoin as a liquid asset and a storage of wealth.
However, O’Leary also expressed concerns about regulatory issues and the compliance of crypto exchanges. He criticized Coinbase, noting its ongoing legal conflict with the SEC and stating that it lacks compliance. O’Leary believes that crypto regulations in the U.S. are becoming increasingly strict and that most crypto tokens will eventually be worthless.
Hot Take: The Long-Term Potential of Crypto
Shark Tank investor Kevin O’Leary, also known as Mr. Wonderful, believes that institutional interest in crypto and bitcoin will continue to rise, regardless of the SEC’s decision on spot bitcoin ETFs. According to O’Leary, even if the SEC says no to the ETFs, it won’t change the long-term potential of cryptocurrencies. He emphasized that institutional investors are waiting for regulatory approval to allocate a portion of their assets to crypto, and the approval of an ETF is not the only factor driving their interest. O’Leary has previously stated that institutions and major organizations are ready to invest in bitcoin as a store of wealth, and he remains confident in the future of crypto.
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