Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
‘Shark Tank’ investor Kevin O’Leary says bitcoin is too volatile for his portfolio — but says he would own a crypto ETF
Business Insider | Emily Graffeo | Dec 2, 2020
Shark Tank investor Kevin O'Leary told The Pomp Podcast on Tuesday that bitcoin is too volatile and illiquid for his portfolio, but he would consider owning a basket of cryptocurrencies in an ETF.
O'Leary has created multiple ETFs as the chairman of O'Shares, and he said that a crypto ETF could be the most liquid way to buy and sell bitcoin. The investor said that right now there are too many fees associated with getting in and out of bitcoin, but he does own a little bit of the coin right now.
"Give me the top 7 cryptocurrencies, put them into an ETF wrapper, and let me invest in it with liquidity so that if I want to buy a million dollars of it in the morning and sell a million dollars in the afternoon, I can do that in an ETF format," he said.
He also told host Anthony Pompliano that doesn't believe there will be only one successful cryptocurrency, and coins like Ethereum will benefit when more investors see cryptos as stores of value and potentially a medium of exchange. Whereas equity investors can buy a "basket of stocks," it's harder for crypto investors to load up on multiple coins. An ETF would solve this problem.
See: Hedge funds, not hipsters, may be powering bitcoin’s second big rally
Also, the seal of approval from the SEC that the ETF would require may convince more institutional investors to buy bitcoin, he said. O'Leary said institutional support is "slowly creeping" into the bitcoin market, but many investors are still hesitant without "clearance from the regulators."
"If tomorrow morning we woke up and the SEC said you can create an ETF with bitcoin and we think bitcoin is legitimate payment system and storage of wealth, not only would it go up, you'd have a lot of people like me investing in it, because I'd say ok, I'll give it a 5% weighting," added O'Leary.
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