Kevin O'Leary Expresses Skepticism About Bitcoin ETFs Despite Recent Success

Entrepreneur and "Shark Tank" star Kevin O'Leary has revealed his skepticism about investing in Bitcoin ETFs despite their recent success. O'Leary expressed concerns about the fees charged by Bitcoin ETF issuers, stating that these additional costs do not add value for him as a long-term Bitcoin holder. He also expressed doubts about the survival of all 11 recently approved Bitcoin ETFs, anticipating that only those backed by industry giants like Fidelity and BlackRock will endure due to their extensive sales forces.

Concerns Over Fees:

O'Leary voiced his concern about the fees associated with Bitcoin ETFs, stating that they do not provide value for long-term Bitcoin holders like himself. This skepticism is rooted in the additional costs imposed by ETF issuers.

Survival of Bitcoin ETFs:

Despite the recent regulatory approval of 11 Bitcoin ETFs, O'Leary expressed doubts about their survival. He believes that only a select few, particularly those backed by major industry players such as Fidelity and BlackRock, will prevail in the market.

Importance of Regulatory Approval:

While skeptical about Bitcoin ETFs, O'Leary acknowledged the significance of regulatory approval for the crypto industry's progression. He hopes that such approvals will encourage lawmakers to consider digital payment systems, citing the USDC stablecoin.

Bitcoin Price Prediction:

O'Leary shared his expectation that Bitcoin will rise to three to five times its current value of $150,000-$250,000 by 2030. However, he dismissed Ark Invest CEO Cathie Wood's prediction of Bitcoin reaching $1.5 million by 2030 unless there is an economic disaster.

Risk and Uncertainty:

Despite the success of Bitcoin ETFs on their first day of trading, O'Leary's skepticism highlights the potential risk and uncertainty surrounding these investment vehicles. The approval of Bitcoin ETFs marked a significant development in the crypto market, with substantial trading volumes recorded.

Kevin O'Leary's perspective adds to the ongoing discussions about the role and future of Bitcoin ETFs in the cryptocurrency market.