Kevin O’Leary, famously known as “Mr. Wonderful,” appeared on CNBC “Fast Money” this week to share his thoughts on the effects that Bitcoin and other cryptocurrencies may have on the ETF industry in the near future.
When asked if crypto will be a new avenue of growth for the industry, O’Leary states that, “institutional money is not going to go there yet for one basic reason: compliance and the regulatory environment… the regulators aren’t on board yet.”
O’Leary also expressed a bearish stance on Bitcoin, saying that the dialogue has dramatically changed recently because “people are saying it’s not the definitive platform anymore, that maybe Ethereum is becoming the new platform, and all of a sudden, Bitcoin? What’s Bitcoin?”
Both Bitcoin and Ethereum have performed very well this week, with Ethereum up 5.4% and Bitcoin jumping over 10% in the last 24 hours. On Tuesday afternoon, Bitcoin reached a high of $7,387.24—its largest price increase in three months.
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