If there's one investment that “Shark Tank” star Kevin O'Leary is committed to investing in, it's Bitcoin ETFs.
Spot Bitcoin ETFs store multiple Bitcoins in a digital vault. Its purpose is to reflect the current price of Bitcoin on the market.
On January 10, the SEC approved trading of 11 spot Bitcoin ETFs in the United States.
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Chairman of O'Leary Ventures said: fox business He talked about the issue of fees when purchasing cryptocurrencies from various issuers.
“If you're a purist and you're just holding Bitcoin for the long term as digital gold like I am, I would never buy an ETF,” he said in a video interview last Thursday. “Why should I pay these fees? It's totally unnecessary and doesn't add any value to me.”
O'Leary said he expected only a few of the 11 applications to survive, with certain “giant companies” like BlackRock and Fidelity most likely to survive.
O'Leary went on to say that while it's not worth investing in a Spot Bitcoin ETF right now, the approval is a big step for the crypto market and could pave the way for a future of digital payments. Ta.
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“We're at this momentous occasion, and it's great,” he said. “But it's still early, it's only the first inning.”
As of Monday morning, Mr. O'Leary's estimated net worth was $400 million.