If there’s one investment “Shark Tank” star Kevin O’Leary is out on, it’s bitcoin ETFs.
Spot bitcoin ETFs secure multiple bitcoins in a digital vault, the aim of which is to mirror the present price of bitcoins out there.
The SEC approved 11 different spot bitcoin ETFs for trading within the U.S. on January 10.
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The O’Leary Ventures chairman spoke with Fox Business about his issues with the fees related to purchasing the cryptocurrency from different issuers.
“Should you’re a purist and also you’re just holding bitcoin for the long run as a digital gold as I’m, I might never buy an ETF,” he said in a video interview with the outlet last Thursday. “Why would I pay these fees? It’s completely unnecessary, they usually add no value to me.”
O’Leary said that he only expects a number of of the 11 different applications to survive and that certain “behemoths,” reminiscent of BlackRock and Fidelity, will almost certainly be those to make it through because they’ve “massive sales forces.”
O’Leary went on to say that while he doesn’t see the worth in investing within the spot bitcoin ETFs now, the approval marks a serious step for the cryptocurrency market and might pave the way in which for the longer term of digital payments.
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“Now, we have now this momentous occasion, which is great,” he said. “But we’re way early, we’re in the primary inning.”
O’Leary’s estimated net value as of Monday morning was $400 million.