Kevin O’Leary, aka “Mr. Wonderful, ”he says he will only buy“ clean ”bitcoins that are mined sustainably in countries that use clean energy. He says institutional investors are concerned about where bitcoins are extracted and will not buy “blood coins” from China.
Clean bitcoins or “blood coins”
The Shark Tank multimillionaire spoke about an emerging challenge with investing in bitcoin for institutional investors and clean energy in an interview with CNBC on Monday. "What is really emerging as a small problem" in relation to investing in bitcoins for institutions that are concerned about where the coins are extracted from, he began.Kevin O’Leary, Shark Tank investor “We have compliance with large institutions. We have agreements on how assets are made, whether carbon is burned, whether human rights are involved, whether it is made in China, ”he described, elaborating:
“All of these issues… now have come to the fore in bitcoin. The institutions will not buy coins extracted from China, coins extracted using coal to burn electricity, coins extracted from countries with sanctions. ”
"Suddenly, there is a huge demand for virgin coins with known origins," he continued.
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O'Leary, who once called bitcoin “rubbish” and a “giant hamburger for nothing”, revealed in February that he invested in bitcoin after the approval of some funds traded on bitcoin exchanges in Canada. He also revealed that he put 3% of his portfolio in cryptocurrencies.
“After declaring an interest in getting a 3% weight, I was inundated by institutions saying 'wait a second, are you buying coins of blood from China?’ ”O’Leary exclaimed. "Who knew that was a problem."
He noted that he has to deal with this problem on a daily basis. "I bought some coins and everyone asks me where it came from," he said. Noting that he is now working personally to ensure that all coins he owns are compatible, investing in miners who can do this, the Shark Tank star emphasized: “So now, I am not buying currency unless I know where it was mined, when it was extracted, and where it came from. Not in China. No coin of blood for me. ”O'Leary continued,“ I think it's a real asset class. And now you have to differentiate what you own. It is quite remarkable because we are still in a small trade war, even with the Biden government with China. China extracts most of the currency and the institutions do not want to own it, not only for the carbon issue, but also for the human rights issue. ”Noting that“ this is a really interesting problem ”, continued“ Mr. Amazing":
“I see, in the next year or two, two types of currency. Blood coins from China, (e) clean coins extracted sustainably in countries that use hydroelectricity, not coal… I am opting for clean coins. ”
What do you think of Kevin O’Leary differentiating bitcoins according to how and where they were mined? Leave your opinion in the comments section below.See also: Twitter CEO wants to end Bitcoin pollution