Champion of Innovation, former FTX spokesperson Kevin O'Leary: Will never buy Bitcoin spot ETF

Famous "Shark Tank" host and former FTX ambassador Kevin O'Leary recently stated on Fox Business that as a long-term holder of Bitcoin, he personally will steer clear of Bitcoin spot ETFs and similar products.

Kevin O’Leary: Bitcoin ETF Not Worth Holding

Kevin O’Leary believes that the approval of a Bitcoin ETF is a positive development that could further drive regulatory policies in the cryptocurrency and blockchain industry. However, he points out the issue of high costs associated with holding a Bitcoin ETF.

He stated:

These products are all pretty much the same, even though every provider will tell you they're not, and the fee structures on these ETFs range from 0.21% to 1.5%. If you're like me and you're a long-term holder of digital gold, I'm never going to buy ETFs. Why would I pay these fees? It's completely unnecessary, they have no value to me.

For a comparison of Bitcoin spot ETF prices, see:

Unveiling the Hidden Costs of Bitcoin Spot ETFs, Overview of BTC Investment Methods and Fees

Only 3 out of 11 ETFs Will Ultimately Survive

Kevin O’Leary also believes that it is unlikely for all 11 Bitcoin spot ETFs to remain viable in the long run. He suggests keeping an eye on the asset management scale of the issuers, indicating that only 2 to 3 ETFs may survive in the end.

He expressed:

I bet you that the big institutions like Fidelity and BlackRock will ultimately win, because they have massive sales forces. If it's institutional, the institutions don't care about these things because they're never going to buy ETFs and pay high fees.