#BTC $BTC Kevin O’Leary, a famous Canadian Businesman known for his bold statements and as a star participant on Shark Tank, recently stated that he does not believe the approved Spot Bitcoin ETFs are a turning point for the US crypto industry and that participating in them would not be wise. He pointed out that despite some ETF issuers waiving certain fees, they generally charge fees.

The Millionaire’s Thoughts on ETFs

Known for his $400 million fortune and investments, Kevin O’Leary shared his thoughts on Bitcoin ETFs. In an interview with Fox Business on Thursday, he said:

If you’re naive and hold Bitcoin as digital gold for the long term like I do, I would never buy an ETF. Why should I pay these fees? They are completely unnecessary and add no value to me.

O’Leary went further with his comments, stating that he sees very little chance of survival for any of the 11 Bitcoin ETFs approved by the SEC as of Wednesday, without making any distinction.

However, the investor did point out some of them, emphasizing a prediction made by Galaxy Digital CEO Mike Novogratz, suggesting that two or three could stand out from this group.

According to O’Leary, giants like Fidelity and BlackRock have a much higher chance of rising to the top, attributing this to the massive sales forces of these investing firms.

Despite his skeptical stance on investing in these new ETFs, he emphasizes that the ETFs approved by the regulatory body, the SEC, are a meaningful part of advancing the crypto industry.