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 <p class="is-style-lead">Kevin O’Leary, renowned investor and star of the TV show “Shark Tank,” has doubts about Bitcoin (BTC) exchange-traded fund (ETF) investments.</p>
 <p>While spot Bitcoin ETFs are viewed as a milestone for the U.S. crypto industry, O’Leary sees little value in participating in the frenzy.</p>
 <p>In a recent statement on Fox Business, O’Leary emphasized his position as a long-term Bitcoin holder and expressed skepticism about investing in BTC ETFs.</p>
 <p>He argued against purchasing ETFs, stating that as a purist and just holding Bitcoin for the long term, he would never buy an ETF, as It is completely unnecessary, and they add no value to him.&nbsp;&nbsp;</p>
 <p class="is-style-default">One of his concerns is about the fees imposed by ETF issuers, which he perceives as lacking value for a long-term Bitcoin investor like himself.</p>
 <p>O’Leary also expressed doubt about the survival of all 11 recently approved Bitcoin ETFs by the SEC, anticipating that only a select few, notably those backed by industry giants like Fidelity and BlackRock, would endure due to their extensive sales forces.&nbsp;</p>
 <p>Despite this skepticism, he expects that two or three of the approved ETFs will stand out, aligning with a prediction by Galaxy Digital CEO Mike Novogratz.</p>
 <p>While O’Leary personally questions the value of these new ETFs, he acknowledges the regulatory approval as a significant stride for the crypto industry.&nbsp;</p>
 <p>Additionally, he expresses hope that the approval of ETFs could prompt lawmakers to explore digital payment systems, such as the dollar-linked stablecoin USDC, viewing it as a positive development for the industry.&nbsp;</p>
 <p>O’Leary touted the current situation as a momentous occasion but highlighted that the industry is still in its early stages, comparing it to being in the early phase.&nbsp;</p>
 <p>While O’Leary is optimistic that Bitcoin could surge to three to five times its current value, and hit between $150,000 to $250,000 by 2030, he disagreed with Cathie Wood’s bullish projection of Bitcoin reaching $1.5 million by 2030, suggesting that such an extreme appreciation would imply a significant economic catastrophe in the US, a scenario he doesn’t align with.</p>
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 <h2 class="wp-block-heading" id="spot-bitcoin-etf-launch-triggers-market-volatility">Spot Bitcoin ETF launch triggers market volatility</h2>
 <p>The recent approval of spot Bitcoin ETFs in the US has triggered heightened market volatility, resulting in a decrease in Bitcoin’s price.&nbsp;</p>
 <p>The much-anticipated launch of these ETFs took the market by surprise, leading to profit-taking by traders who had entered the market in anticipation of a positive ETF decision. The Bitcoin price, which reached a peak of $49,000, has now dipped to $42,694 as of the latest update.</p>
 <p>The inaugural trading of spot Bitcoin ETFs involved approximately $4.6 billion worth of shares, with industry giants like Grayscale, BlackRock, and Fidelity playing a prominent role in trading volumes.&nbsp;</p>
 <p>This trend suggests a growing institutional interest in Bitcoin, facilitated by the accessibility provided by the ETFs as an investment vehicle.&nbsp;</p>
 <p>However, despite the initial enthusiasm, the subsequent price pullback has raised concerns about the potential long-term effects of the ETF launch on Bitcoin’s price.</p>
 <p>While the SEC’s approval of Bitcoin ETFs was anticipated to boost the cryptocurrency’s value, certain observers in the crypto community speculated whether Bitcoin was prone to a pullback upon SEC approval.</p>
 <p>This was attributed to the possibility of speculators opting to secure profits from the token’s previous rally.</p>
 <p>Despite the initial setback, the introduction of Bitcoin ETFs is widely seen as a positive long-term catalyst for Bitcoin’s price. Nevertheless, additional retracements might occur before Bitcoin attains its previous all-time high levels.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Robinhood opens all 11 spot bitcoin ETFs for trading
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/shark-tank-s-kevin-o-leary-bitcoin-etfs-have-zero-value-to-me-tbt76497.html">https://thebittimes.com/shark-tank-s-kevin-o-leary-bitcoin-etfs-have-zero-value-to-me-tbt76497.html</a></p>

Shark Tank’s Kevin O’Leary: Bitcoin ETFs have zero value to me

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