'Why Would I Pay These Fees?': Kevin O'Leary Slams Spot Bitcoin ETFs The "Shark Tank" star says he isn't buying spot bitcoin ETFs and is "holding bitcoin for the long term as a digital gold."
If there's one investment "Shark Tank" star Kevin O'Leary is out on, it's bitcoin ETFs.
Spot bitcoin ETFs secure multiple bitcoins in a digital vault, the purpose of which is to mirror the current price of bitcoins in the market.
The SEC approved 11 different spot bitcoin ETFs for trading in the U.S. on January 10.
The O'Leary Ventures chairman spoke with Fox Business about his issues with the fees associated with purchasing the cryptocurrency from different issuers.
"If you're a purist and you're just holding bitcoin for the long term as a digital gold as I am, I would never buy an ETF," he said in a video interview with the outlet last Thursday. "Why would I pay these fees? It's completely unnecessary, and they add no value to me."
O'Leary said that he only expects a few of the 11 different applications to survive and that certain "behemoths," such as BlackRock and Fidelity, will most likely be the ones to make it through because they have "massive sales forces."
O'Leary went on to say that while he doesn't see the value in investing in the spot bitcoin ETFs now, the approval marks a major step for the cryptocurrency market and can pave the way for the future of digital payments.
"Now, we have this momentous occasion, which is great," he said. "But we're way early, we're in the first inning."
O'Leary's estimated net worth as of Monday morning was $400 million.