Shark Tank’s Kevin O’Leary Calls Bitcoin “Blood Coin,” says, “Institutions Will Not Buy Coin Mined in China”
Shark Tank’s Kevin O’Leary says he will only buy Bitcoin that is mined sustainably in countries that use clean energy.
“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,” he told CNBC’s “Capital Connection” on Monday.
While his fellow investor on the show Mark Cuban already owns Bitcoin, Ether, and other coins, have been dabbling in DeFi, and is working on NFT projects, O’Leary can’t seem to make up his mind about the leading digital currency which has grown more than 15x from its March lows to become a trillion-dollar asset.
Back in December, he had called Bitcoin ether, saying, “I'm waiting for the day that one of these regulators comes down hard on bitcoin. Grown men are going to weep when that happens,” adding the loss of capital will never be seen before. He then advised people to get ready for it.
Now he is saying, “I’m going on the side of clean coin.”
This time, O’Leary’s rant was solely focused on China, and according to him, institutions won’t buy a coin mined in the country.
“All these issues … have now come to the fore on bitcoin,” he said. “Institutions will not buy coin mined in China, coin mined using coal to burn for electricity, coin mined in countries with sanctions on them.”
As we have been seeing ever since last year, institutions have been coming in increasing numbers, from corporations like Tesla and Square to big banks like Goldman Sachs, Morgan Stanley, and BNY Mellon, along with family endowments funds, high net worth individuals, pension funds, and insurance firms.
As for China mining Bitcoin, the hash rate of the leading cryptocurrency coming from the country has taken a big drop from above 75% in 3Q19 to 65% in 2Q20.
Personally, O’Leary’s reason for not buying Bitcoin is, “No blood coin for me,” as he puts it.
“I’m not buying coin unless I know where it was mined, when it was mined, the provenance of it,” he said.