Kevin O'Leary Foresees Institutional Interest in Crypto Despite Uncertainty Over Spot Bitcoin ETF

Kevin O'Leary, Chairman of O'Leary Ventures, shared insights on the potential impact of the SEC's decision regarding spot bitcoin exchange-traded funds (ETFs) on institutional interest in cryptocurrencies.

O'Leary's Perspective on SEC's Potential Decision

O'Leary discussed on X social media platform the anticipation surrounding a potential SEC approval for a bitcoin ETF by January 10th. Despite uncertainties raised by SEC Chair Gary Gensler's undisclosed timeline, O'Leary highlighted that the anticipation had driven Bitcoin's remarkable appreciation.

In an interview on Tradertv Live, O'Leary expressed skepticism about the SEC's approval of a spot bitcoin ETF, citing Gensler's probable tenure extension for another 18 months.

Institutional Interest in Crypto Remains Strong

Despite his doubts, O'Leary believes that the SEC's decision on spot bitcoin ETFs won't deter institutional investor interest in crypto. He emphasized that regardless of the SEC's ruling, significant catalysts continue to drive institutional interest in cryptocurrencies.

O'Leary highlighted that institutions have been hesitant to allocate to Bitcoin and Ethereum due to regulatory uncertainties. However, he previously mentioned widespread institutional readiness to invest in Bitcoin, considering it a liquid asset and a store of wealth.

Factors Influencing Spot Bitcoin ETF Approval

O'Leary stated the necessity for a fully compliant exchange for a spot bitcoin ETF's approval. He expressed reservations about Coinbase's compliance status due to its ongoing legal issues with the SEC.

Regarding U.S. crypto regulations, O'Leary noted an aggressive stance and predicted a bleak future for most crypto tokens, foreseeing their eventual worthlessness.

O'Leary's skepticism regarding a spot bitcoin ETF's approval and his bleak predictions for most crypto tokens suggest potential challenges and uncertainties for the crypto market's future, especially concerning regulatory compliance and token valuation.