Kevin O’Leary Discusses SEC’s Impact on Crypto Institutional Interest

The chairman of O’Leary Ventures, Kevin O’Leary, has commented on the potential repercussions for institutional interest in cryptocurrencies of the U.S. Securities and Exchange Commission’s (SEC) approval of spot bitcoin exchange-traded funds (ETFs).

On Wednesday, he posted the following on social media: “Bitcoin’s appreciation is phenomenal. Why? The expectation is that the first Bitcoin ETF will be approved by the SEC before January 10th. I am not entirely certain.”

Gary Gensler of the SEC has never formally declared the existence of a Bitcoin ETF schedule.

Mr. Wonderful noted, however, that O’Leary clarified in a December 29 interview with Tradertv Live that he does not anticipate the SEC to approve a spot bitcoin ETF. “I believe that he [Gensler] will not do it,” he said, adding that the chairman of the SEC has “another eighteen-month mandate.”

However, according to Mr. Wonderful, the demand for cryptocurrencies among institutional investors will not be impacted by the SEC’s decision regarding spot Bitcoin ETFs. His opinion was:

 “Even a no decision will not change the long-term potential!”

“The impediment to adopting bitcoin and Ethereum, the progenitors of cryptocurrencies, has been the failure of institutions, especially sovereign wealth funds, to allocate their customary 1% to 3% to that asset class.” “In all honesty, they are awaiting regulatory approval,” Mr. Wonderful elaborated.

O’Leary disclosed in November of the previous year that “every” significant organization and institution with which he had spoken is willing to invest in Bitcoin.

“They have no interest in the 10,000-token narrative,” he continued. “Bitcoin is proving to be sufficiently liquid and a reliable means of storing wealth; most people consider it a commodity.”

Additionally, the Shark Tank star stated that an SEC-compliant exchange is a prerequisite for approving a spot bitcoin ETF.

According to him, Coinbase, a cryptocurrency exchange listed on the Nasdaq, is not compliant because of its ongoing legal dispute with the securities regulator.

Furthermore, O’Leary previously stated that U.S. crypto regulations are becoming “extremely aggressive.” According to him, most cryptocurrency tokens are worthless and will ultimately reach zero.