Kevin O'Leary, a venture capitalist, and Canadian entrepreneur speak on CNBC that cryptocurrency is not yet regarded as an institutional asset and US regulators need to make a decision on cryptocurrency.

He said: "I don't want to get involved in crypto if the regulator says it's not okay. I can't afford to be offside. I cannot afford to be non-compliant." 

He is optimistic about the decentralized financial industry, saying that the industry is much broader than Bitcoin or Ethereum. Kevin predicts that if the Securities and Exchange Commission (SEC) approves the exchange-traded funds (ETF), another trillion dollars will flow into the Bitcoin market: "I'd figure there'd be another trillion dollars' worth of buying into Bitcoin. And we don't have that yet, but that's the opportunity."

By Mary Liu