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Home»BITCOIN NEWS»Bitcoin ETF under fire as celebrity investor calls it ‘useless’
BITCOIN NEWS

Bitcoin ETF under fire as celebrity investor calls it ‘useless’

By Crypto FlexsJanuary 13, 20243 Mins Read
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Bitcoin ETF under fire as celebrity investor calls it ‘useless’
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In a move that has sent waves through the Bitcoin community, renowned investor and Shark Tank personality Kevin O’Leary has fanned the flames of hype surrounding the recent approval of the Spot Bitcoin ETF for institutional investors. It was labeled “practically useless.”

But amidst his skepticism, O’Leary provided some sunshine on Bitcoin’s long-term prospects, predicting a significant price surge by 2030.

O’Leary: ETF fee concerns, volatility forecast

What is O’Leary’s main complaint about spot ETFs? charge. He argues that even with a temporary exemption, the fees charged by issuers make it an unattractive proposition for sophisticated investors who could hold Bitcoin directly.

Kevin O’Leary on Bitcoin ETFs 👇 pic.twitter.com/p0avcOEV7N

— Altcoin Daily (@AltcoinDailyio) January 12, 2024

While O’Leary acknowledges the landmark status of ETFs in the U.S. cryptocurrency space, he does not foresee a gold rush for these products. He predicts a Darwinian reorganization in which giants like Fidelity and BlackRock emerge victorious because of their extensive distribution networks, with only two or three major players involved.

Despite his personal reservations, O’Leary sees regulatory approval as an important step forward for the cryptocurrency industry. He expressed hope that the ETF could pave the way for further regulatory developments, particularly for stablecoins such as USDC, which could further expand the adoption of digital payment systems.

BTC market cap currently at $839.16 billion. Chart: TradingView.com

O’Leary’s Optimistic But Measured Bitcoin Forecast

Shifting gears to Bitcoin’s future, O’Leary paints an optimistic, albeit measured, picture. He expects the price of Bitcoin to triple by 2030 and remain stable within the $150,000 to $250,000 range.

But he poured cold water on ARK Invest founder Cathie Wood’s more extreme prediction that the price would reach $1.5 million by the same date. O’Leary argues that this rapid rise would result in a serious economic collapse. He doesn’t think this scenario will unfold.

O’Leary’s cautious optimism reflects a nuanced view of the burgeoning cryptocurrency landscape. While he acknowledges the potential of cash ETFs as a stepping stone to broader institutional participation, he emphasizes the need for value-driven investment decisions.

Meanwhile, his beliefs about Bitcoin’s long-term trajectory are consistent with many analysts who see the digital asset maturing into a mainstream store of value.

But O’Leary’s skepticism often serves as a valuable counterpoint to the unbridled enthusiasm surrounding new developments in the cryptocurrency space.

His emphasis on fees and regulatory hurdles reminds investors to lower their expectations and conduct thorough due diligence before jumping into the volatile world of digital assets.

As the dust settles on the Spot ETF story, one thing has become clear. Kevin O’Leary’s voice continues to resonate in the investment world and is that he offers a blend of pragmatism and optimism that serves as an invaluable guide in navigating the ever-evolving cryptocurrency landscape. .

Featured image from iStock

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