Monday, May 20, 2024

Kevin O’Leary Slams Spot Bitcoin ETF Charges, Says Not Shopping for


If there’s one funding “Shark Tank” star Kevin O’Leary is out on, it is bitcoin ETFs.

Spot bitcoin ETFs safe a number of bitcoins in a digital vault, the aim of which is to reflect the present worth of bitcoins out there.

The SEC approved 11 completely different spot bitcoin ETFs for buying and selling within the U.S. on January 10.

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The O’Leary Ventures chairman spoke with Fox Business about his points with the charges related to buying the cryptocurrency from completely different issuers.

“If you happen to’re a purist and also you’re simply holding bitcoin for the long run as a digital gold as I’m, I’d by no means purchase an ETF,” he stated in a video interview with the outlet final Thursday. “Why would I pay these charges? It is utterly pointless, and so they add no worth to me.”

O’Leary stated that he solely expects just a few of the 11 completely different functions to outlive and that sure “behemoths,” resembling BlackRock and Constancy, will most certainly be those to make it via as a result of they’ve “huge gross sales forces.”

O’Leary went on to say that whereas he does not see the worth in investing within the spot bitcoin ETFs now, the approval marks a serious step for the cryptocurrency market and may pave the best way for the way forward for digital funds.

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“Now, we’ve got this momentous event, which is nice,” he stated. “However we’re approach early, we’re within the first inning.”

O’Leary’s estimated net worth as of Monday morning was $400 million.

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