Kelvin O’Leary Foretells Increased Institutional Performance In Crypto, Irrespective of ETF Verdict
In a recent report, the Chairman of O’Leary Ventures, Kelvin O’Leary, expressed his thoughts on the recent development in the crypto industry, projecting that the massive global adoption of crypto assets would continue with more participation from institutional investors, regardless of the verdict the United States Securities and Exchange Commission would give on the pending spot Bitcoin Exchange-traded Funds (ETFs) approval.
Kelvin O’Leary, popularly known as Mr. Wonderful from Shark Tank, revealed that he holds a positive perspective on the institutional adoption of crypto. During his recent speech, he gave insights into the possible effects that the SEC’s decision on whether to approve or reject the spot Bitcoin ETF applications would have on the institutional adoption of cryptocurrencies across the world.
According to the report, Kelvin is very optimistic that there would be continuous crypto participation from institutional investors, no matter the verdict the SEC later gives on Bitcoin ETFs. He pointed out that even if the commission decided to reject the ETF applications, cryptocurrency would still maintain its long-term potential
Kevin O’Leary Boldly Predicts Increased Global Crypto Adoption
Furthermore, he highlighted in his recent post on Twitter (now X) that even though the SEC Chairman Gary Gensler is yet to release any timetable regarding the ETF approval, the entire crypto market is highly anticipating the outcome of the applications. Regardless of the uncertainty surrounding the situation, O’Leary sticks to his gun, emphasizing that a negative response from the SEC will not disrupt the overall positive trajectory of digital assets.
In addition, in a recent interview on Tradertv, O’Leary stated the possibility of Gensler not approving a spot bitcoin ETF, predicting that Chairman Gensler might continue to run the SEC for another 18 months. Nonetheless, he remained optimistic that the SEC’s actions would not deter Institutional demand for crypto-related products and services as he deems the recent development in the crypto space attractive enough to keep institutions interested.
O’Leary Shares Challenges Facing Crypto Institutional Adoption
However, despite his strong positive predictions, O’Leary admitted that some obstacles challenge the growth of institutional investors in the crypto space. For instance, he highlighted sovereign wealth funds, which is a case where institutions hesitate to allocate a portion (1% to 3%) of their portfolios to either BTC and/or Ethereum.
He suggested that they seem to be awaiting approval from financial regulators before venturing fully into the crypto markets.
According to O’Leary, he spoke with some major organizations and institutions in November 2023, and he realized that they all have plans to invest in Bitcoin soon.
More so, He highlighted that the fact that these institutions are more focused on Bitcoin investments rather than other cryptocurrencies boils down to the proven liquidity and recognized store of wealth that Bitcoin has. In addition, the Shark Tank executive pointed out that the SEC only plans to approve spot ETFs approval from exchanges that are fully compliant with its regulations.
Exchanges Face Stringent Crypto Rules
Referencing Coinbase exchange’s case, he stated that the ongoing legal brawl between the SEC and Coinbase depicts a lack of compliance, which puts the approval of the exchange’s application in doubt.
Furthermore, Kelvin O’Leary remarked on the stringent regulatory stance of the US government on cryptocurrency, suggesting the possibility of the authority considering the majority of the existing crypto tokens as valueless. The chairman emphasized that regardless of the US government’s action on crypto, there would be continuous retail and institutional adoption globally. Meanwhile, his skeptical perspective on the approval of spot Bitcoin ETFs rallies around the growing concerns about the challenges that major exchanges face from financial regulators.
O’Leary’s unwavering stance on the increase in institutional performance in the crypto space echoes the general notion that regulation decisions in a jurisdiction have little or no impact on the global crypto adoption of cryptocurrency. He added that institutional players understand the potential of crypto innovation and also consider Bitcoin as a very valuable token, hence the sustenance of their interest in the crypto market.
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