Famed investor and business tycoon Kevin O’Leary says he’s buying Bitcoin, but only under some strict conditions.
In an interview with CNBC, the Shark Tank star says as the crypto space grows, institutional investors will opt for coins that are mined within a certain set of ethical standards, the same way they look at other assets or commodities.
“We have compliance on large institutions. We have covenants around how assets are made, whether carbon is burned, whether human rights are involved, whether it’s made in China, all these issues that have now come to the fore on Bitcoin. Institutions will not buy coin mined in China, coin mined using coal to burn for electricity, coin mined in countries with sanctions on them.”
O’Leary says he’s starting to see two types of crypto coming into view.
“I see over the next year or two, two kinds of coins: blood coin from China, [and] clean coin mined sustainably in countries that use hydroelectricity, not coal. I’m going on the side of [the] clean coin. I’m buying assets inside of miners that can do that. I’m working very hard to make sure every coin I own is compliant…
It’s rather remarkable because we’re in a bit of a trade war, still even under the Biden Administration with China. China mines most of the coin, and institutions don’t want to own it, not just for the carbon issue, but also human rights issues…You’ve got this asset class held in limbo in a remarkable struggle.”
The outspoken investor says he’s not buying any crypto unless he knows exactly how it came to be.
“I’m not buying coin unless I know where it was mined, when it was mined, the provenance of it. Not in China. No blood coin for me.”
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