Shark Tank star Kevin O’Leary says one critical thing needs to happen for “another trillion dollars” to flow into Bitcoin (BTC).
The millionaire investor tells CNBC it’s all about regulatory clarity and the approval of a Bitcoin exchange-traded fund (ETF).
[adinserter block="1"]As O’Leary explains,
“We want the regulator to actually make some decisions about crypto, because none of us that are in financial services want to actually be cowboys about this. I don’t want to get involved in crypto if the regulator says it’s not okay. I can’t afford to be offside. I cannot afford to be non-compliant.
So I’m estimating – let’s just take Bitcoin, the granddaddy of all cryptos… If the regulator finally allowed financial services companies to call it an asset, put it into an ETF in the United States like they have in Canada and other countries, I figure there’d be another trillion dollars worth of buying into Bitcoin.
And we don’t have that yet, but that’s the opportunity. I think at the end of the day, over the next couple of years, that will happen. That’s why there’s so much interest.”
The US has yet to approve a Bitcoin ETF, and there’s currently a stack of more than a dozen US Bitcoin ETF applications awaiting approval from the Securities and Exchange Commission.
O’Leary, who recently told tech investor Anthony Pompliano that he’ll probably expand crypto to 7% of his investment portfolio by the end of the year, also says he’s bullish on decentralized finance (DeFi).
“You know, it’s not just about Bitcoin anymore or Ethereum. I find Ethereum, as a user – it’s too slow, and so there are going to be other chains that emerge. There’s so much interest in what’s going on in other DeFi sources.”
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