While O’Leary is skeptical about the SEC allowing the launch of Bitcoin-linked ETFs, he believes that the long-term potential of the first cryptocurrency will remain unchanged.
“The popularity of Bitcoin is not solely reliant on the approval of the first Bitcoin exchange-traded fund by January 10th, as many expect. SEC Chairman Gary Gensler has not confirmed a specific timetable for approving Bitcoin ETF applications,” states O’Leary.
O’Leary emphasizes that the main obstacle for Bitcoin and Ethereum’s growth lies in the hesitation of large investment firms to allocate a small percentage of their portfolios to cryptocurrencies, waiting for approval from the US regulator.
In a previous statement from February 2023, O’Leary expressed pessimistic sentiments about most digital assets, predicting their eventual collapse to zero. This outlook was influenced by the collapse of the FTX cryptocurrency exchange, and O’Leary believed that more exchanges would face bankruptcy in the future.