Kevin O'Leary's Hilarious Reaction to the Notion of Institutional Investors Going Gaga for Bitcoin!

[ad_1] Title: Institutions Not Investing in Bitcoin Despite Rising Interest, Says Kevin O'Leary Subtitle: Lack of Compliant and Transparent Exchanges Hindering Bitcoin's Value Growth Date: [Current Date] In a recent statement, Kevin O'Leary, star of the popular TV show "Shark Tank," revealed that despite widespread optimism, top institutions on Wall Street are not stepping into bitcoin investing as anticipated. While asset managers like BlackRock and Fidelity have recently filed to form the first bitcoin spot ETFs, O'Leary believes that this development won't materialize as long as the cryptocurrency remains under federal scrutiny. He emphasized that institutional interest in bitcoin is not as significant as people believe, as institutions currently do not own any bitcoin and are unlikely to do so while the US Securities and Exchange Commission (SEC) is actively pursuing legal action against industry players. O'Leary made these remarks during an interview with CoinDesk on Tuesday, where he stated, "You know, people talk about, 'there's great institutional interest in bitcoin.' No, there isn't. They don't own any of it, and they're not going to own it while [SEC Chair Gary] Gensler's suing everybody." The SEC has initiated several lawsuits against major players in the crypto industry, arguing that many of the tokens being traded are unregulated securities. Notably, popular crypto exchanges Coinbase and Binance were among the primary targets of the SEC's crackdown, facing regulatory violations charges. O'Leary pointed out that the lack of compliant and transparent exchanges in the US limits options for institutions like BlackRock. He highlighted that it is impossible to list an ETF on an exchange that is being sued by regulators, making it highly unlikely for institutions to invest in such circumstances. He also expressed concerns about Binance's shrinking reputation and the intense scrutiny faced by its co-founder, Changpeng Zhao. These comments came on the first day of the trial of Sam Bankman-Fried, whose mismanagement of the FTX exchange led to its collapse last year. O'Leary emphasized that the era of "crypto cowboys" is coming to an end, and unless regulations become more favorable for investing in the US, the industry's growth will be hindered. O'Leary suggested that more transparent crypto exchanges may emerge in other parts of the world, potentially diverting institutional interest away from the US. He stressed the importance of having bitcoin listed on compliant and regulated exchanges approved by the respective jurisdiction's regulators for the cryptocurrency to appreciate in value. However, he expressed doubts about whether the US will be able to provide such an environment. As the crypto industry continues to navigate regulatory challenges, the future of institutional investment in bitcoin remains uncertain. [ad_2] https://market-news24.com/crypto/kevin-olearys-hilarious-reaction-to-the-notion-of-institutional-investors-going-gaga-for-bitcoin/?feed_id=71289&_unique_id=651d99bfa1346

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