Kevin O’Leary, also known as Mr. Wonderful, says it will only buy clean bitcoins, sustainably mined in countries that use clean energy. He said institutional investors are concerned about where bitcoin is mined and will not buy blood coins from China.
Pure Bitcoins vs Blood Coins
Shark Tank star Kevin O’Leary discussed the emerging issues of bitcoin investing for institutional investors and clean energy in an interview with CNBC on Monday. What is actually always a problem when investing in bitcoin for institutions where coins are mined, he began.
We are in compliance with the main institutions. We have agreements on how the assets are created, whether the carbon is burned, whether human rights are affected, whether it is created in China, he said:
All these problems have now come to light in Bitcoin. Institutions will not buy parts mined in China, parts mined with coal to generate electricity, parts mined in sanctioned countries.
Suddenly there was a huge demand for blank coins with a known provenance, he says.
O’Leary, who has previously called bitcoin garbage and a giant, meaningless hamburger, said in February that he had invested in bitcoin after endorsing several funds that traded on the bitcoin exchange in Canada. He also said he put 3% of his portfolio into cryptocurrencies.
After I expressed interest in the 3% weight, I was inundated with institutions that said: Wait a minute, are you guys buying blood coins from China? exclaimed O’Leary. Who would have thought that would be a problem.
He indicated that he had to deal with this problem on a daily basis. I bought coins and everyone asks me where they came from, he said. The Shark Tank star stressed that he is now making a personal effort to ensure that all the parts he owns are compliant by investing in miners who can:
From now on I will not buy any more coins until I know where they were mined, when they were mined and where they came from. Not in China. I don’t need a piece of blood.
O’Leary continued: I think it’s a real asset class. Now you have to differentiate what you have. This is remarkable because we are still in a trade war with China, even with the Biden administration. China drains most of the currency, and the institutions do not want to own it, not only because of the carbon issue, but also because of human rights issues.
He noted that this is indeed an interesting topic:
I see two types of pieces in the next year or two. blood parts from China, (and) clean parts being sustainably produced in countries that use hydroelectricity instead of coal…. I only go for the parts side.
What do you think of Kevin O’Leary’s statement that he would only buy pure bitcoins? Let us know your comments in the section below.
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