If there’s one investment that “Shark Tank” star Kevin O’Leary stands for, it’s Bitcoin ETFs.
Spot Bitcoin ETFs lock multiple bitcoins in a digital vault, and their purpose is to reflect the current market price of bitcoin.
The Securities and Exchange Commission (SEC) approved 11 spot bitcoin ETFs for trading in the US on January 10.
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The president of O’Leary Ventures spoke with Fox Business About his issues with fees associated with purchasing cryptocurrency from different issuers.
“If you were aggressive and held bitcoin long term like digital gold, I would never buy an ETF,” he said in a video interview with the outlet last Thursday. “Why would I pay these fees? They are completely unnecessary and add no value to me.”
O’Leary said he expects only a few of the 11 different apps to survive, and that some of the “giants,” like BlackRock and Fidelity, will be the ones most likely to succeed because they have “huge sales forces.”
O’Leary went on to say that while he doesn’t see the value in investing in spot bitcoin ETFs right now, the approval represents a big step for the cryptocurrency market and could pave the way for the future of digital payments.
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“Now, we have this important occasion, and it’s great,” he said. “But we’re very early, we’re in the first half.”
O’Leary’s estimated net worth as of Monday morning was $400 million.