Kevin O'Leary Pessimistic SEC Approves Bitcoin ETF, But Optimistic About Institutional Interests In BTC

Kevin O'Leary is the head of venture capital firm O'Leary Ventures. (Photo; Doc. Bitcoin Insider)

JAKARTA - Kevin O'Leary, Chairman of venture capital firm O'Leary Ventures, recently shared his views on the impact of the US Securities and Exchange Commission's (SEC) approval of the Bitcoin Spot ETF and its implications for the crypto market. According to O'Leary, the SEC will not approve Bitcoin ETF anytime soon. However, he remains optimistic that Bitcoin will attract institutional investors.

In a post on social media platform X, O'Leary stated, "Bitcoin is experiencing a tremendous price increase. Why? Because there are anticipations that the SEC will approve the first bitcoin ETF before January 10. However, I'm not so sure. Gary Gensler at the SEC has never confirmed a schedule for bitcoin ETF. "Despite the uncertainty, O'Leary stressed that the decision will not change Bitcoin's long-term potential.

O'Leary expressed his disapproval of the SEC's decision on Bitcoin ETF in an interview at Tradertv Live on December 29. "I was on the camp saying Gensler would not," he said, referring to a mandate he said would be extended for another 18 months. However, O'Leary believes that the SEC's decision will not stop the interest of institutional investors in crypto.

"Even if Gensler says no, I don't think it will change the momentum that is happening here. Big things are happening that are turning institutional interest in a positive direction in crypto," explains O'Leary. He highlighted the historical doubts of institutions, particularly state wealth funds, to allocate part of their portfolio to cryptocurrencies. The approval of Bitcoin ETF is considered an important factor in opening institutional investments.

In November, O'Leary revealed that all the large institutions and organizations he has talked about are preparing to invest in Bitcoin. He stressed Bitcoin's liquidity and role as a store of wealth. According to him, Spot's Bitcoin ETF approval relies on the existence of an exchange that fully complies with the SEC. O'Leary also expressed concern about Coinbase compliance due to its legal conflicts with securities regulators.

Despite doubts, O'Leary acknowledged the aggressive attitude of US crypto regulation. He previously expressed his belief that most crypto tokens are worthless and will eventually lose value. While the crypto market awaits the SEC's decision, O'Leary remains focused on broadly institutional interest in the long-term potential of cryptocurrencies.