Kevin O'Leary Upbeat on Crypto Interest Despite SEC's Bitcoin ETF Decision

 Kevin O’Leary, the head of O’Leary Ventures, recently shared his thoughts on how the potential approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) might impact institutional interest in cryptocurrencies. On a social media platform, he expressed doubt about the SEC, led by Gary Gensler, approving a Bitcoin ETF by January 10th, despite the high expectations in the market. O’Leary, also known as Mr. Wonderful, believes that even if the approval doesn’t come through, the long-term prospects for cryptocurrencies remain robust.

 During a December 29th interview on Tradertv Live, he questioned the likelihood of the SEC approving a spot Bitcoin ETF, considering Gensler’s remaining 18-month mandate. Nevertheless, O’Leary is firm in his belief that this decision won’t diminish the increasing institutional interest in crypto. He highlighted potential significant changes that could attract institutional investors. O’Leary stressed that major institutions, especially sovereign wealth funds, are waiting for regulatory approval before dedicating 1% to 3% of their assets to cryptocurrencies like Bitcoin and Ethereum. O’Leary pointed out that these institutions are not broadly interested in the entire crypto market but see Bitcoin as a reliable investment and a store of wealth.

 In November of last year, O’Leary mentioned that all major institutions he spoke with are prepared to invest in Bitcoin, pending regulatory clarity. He also noted that for a spot Bitcoin ETF to get approval, there needs to be a fully SEC-compliant exchange, a requirement he thinks Coinbase currently lacks due to its legal issues with the SEC. O’Leary has also commented on the escalating strictness of U.S. crypto regulations and his perspective that most cryptocurrencies are ultimately without value.