Kevin Oâ€™Leary, aka Mr. Wonderful, says he will only buy â€œcleanâ€ bitcoins that are mined sustainably in countries that use clean energy. He says institutional investors are concerned about where bitcoins are mined and will not buy â€œblood coinsâ€ from China.
Clean Bitcoins vs. â€˜Blood Coinsâ€™
Shark Tank star Kevin Oâ€™Leary talked about an emerging challenge with bitcoin investing for institutional investors and clean energy in an interview with CNBC on Monday. â€œWhatâ€™s really emerging as a bit of an issueâ€ regarding bitcoin investing for institutions concerns where the coins are mined, he began.
â€œWe have compliance on large institutions. We have covenants around how assets are made, whether carbon is burned, whether human rights are involved, whether itâ€™s made in China,â€ he described, elaborating:
â€œAll of a sudden thereâ€™s this huge demand for virgin coins with its provenance known,â€ he continued.
Oâ€™Leary, who once called bitcoin â€œgarbageâ€ and a â€œgiant nothing burger,â€ revealed in February that he has invested in bitcoin following the approval of a few bitcoin exchange-traded funds in Canada. He also disclosed that he put 3% of his portfolio in cryptocurrencies.
â€œAfter I declared interest in getting a 3% weighting, I got inundated from institutions saying â€˜wait a second are you buying blood coins from China?’â€ Oâ€™Leary exclaimed. â€œWho knew that was a problem.â€
He noted that he has to deal with this issue on a daily basis. â€œI bought some coins and everybody asks me where did it come from,â€ he further shared. Noting that he is now personally working to ensure that every coin he owns is compliant, investing in miners that can do that, the Shark Tank star emphasized:
Oâ€™Leary continued: â€œI think itâ€™s a real asset class. And now youâ€™ve got to differentiate what you own. Itâ€™s rather remarkable because we are in a bit of a trade war still even with the Biden administration with China. China mines most of the coin and institutions donâ€™t want to own it, not just for the carbon issue but also human rights issue.â€
Noting that â€œThis is a really interesting problem,â€ Mr. Wonderful noted:
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