Making cryptocurrency more accessible is an ongoing issue. A Bitcoin ETF would certainly spark a lot of interest. For now, the SEC has yet to determine if such an investment vehicle associated with cryptocurrency is viable. O’Shares Chairman Kevin O’Leary is not sold on a Bitcoin ETF at the moment, and he stated that he thinks Ethereum will become the dominant blockchain.
The Bitcoin ETF Debate Continues
The widespread success of ETFs has not gone by unnoticed. This form of investment vehicle is very profitable and popular. Firms such as BlackRock invest in major companies and projects. All of the potentially unprofitable assets are cut out from the equation. This firm has also reportedly shown an increased interest in cryptocurrency exposure.
To some financial experts, a Bitcoin ETF makes a lot of sense. Cryptocurrency is a hot market with a lot of room for profitability. Making it more accessible to consumers and major investors can spark another wave of interest and growth. However, O’ Shares Chairman Kevin O’Leary is not sold on a Bitcoin ETF at the moment due to a lack of regulatory oversight that scares off major investors.
Institutional investors will not embrace cryptocurrency en masse. Without proper regulation and SEC approval, an ETF won’t stand much chance. The industry remains interesting, but there is still too much uncertainty associated with Bitcoin. It may take a while until regulators get on board with Bitcoin.
Changing the Discussion
Bitcoin is not the definitive platform, according to O’Leary. He sees a lot more merit in Ethereum, which is poised to become the top blockchain ecosystem. This can effectively have a big impact on the ETH price as well. As such, O’Leary remains a bit bearish on Bitcoin. It is no longer the “talk of the town,” in his opinion.
A Bitcoin ETF can pave the way for other cryptocurrency ETF products. With the growing focus on Ethereum, an ETH ETF is not entirely out of the question. It will require regulatory approval, which is equally difficult to come by as it is for Bitcoin products. The SEC’s recent decision to not consider ETH as a security can facilitate this process accordingly.
The future of cryptocurrency looks relatively positive. More mainstream exposure will help the industry grow as a whole. Whether or not Bitcoin will still come out on top is a different matter altogether. It is the gateway to other currencies which may offer a lot more potential on the technical side. Those options should never be overlooked in this booming industry.
What do you think about Kevin O’Leary’s thoughts on Ethereum and a Bitcoin ETF? Let us know in the comments below.
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