https://finance.yahoo.com/news/kevi...t simply, he said, “,demand for “virgin” coin.
Celebrity investor Kevin O’Leary claims that he is refusing to purchase any bitcoin that has been mined in China.
On CNBC’s Capital Connection, O’Leary brought up what he considers to be a growing issue with bitcoin.
First, he highlighted that bitcoin had yet to make any substantial inroads in institutional portfolios. He claims that a growing priority for investors is knowing where their investments are sourced.
O’Leary explained, “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.”
Put simply, he said, “institutions will not buy [BTC] mined in China, coins that have been mined using coal to burn for electricity, or coins mined in countries with sanctions on them.”
He said there was now a significant demand for “virgin” coin. O’Leary also said that in the next year or two, distinct classes of coins would emerge; “‘blood coin’ from China, [and] ‘clean coin’ mined sustainably in countries that use hydroelectricity, not coal.”
...SNIP...
The comments on the article say that he is spreading Fear, uncertainty, and doubt (FUD) in order to lower the price so he can buy in cheaper. But are financial institutions going to be subject to regulations to prevent them buying from countries with embargoes? If so, would this limit bitcoin's market to private investors only?
Celebrity investor Kevin O’Leary claims that he is refusing to purchase any bitcoin that has been mined in China.
On CNBC’s Capital Connection, O’Leary brought up what he considers to be a growing issue with bitcoin.
First, he highlighted that bitcoin had yet to make any substantial inroads in institutional portfolios. He claims that a growing priority for investors is knowing where their investments are sourced.
O’Leary explained, “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.”
Put simply, he said, “institutions will not buy [BTC] mined in China, coins that have been mined using coal to burn for electricity, or coins mined in countries with sanctions on them.”
He said there was now a significant demand for “virgin” coin. O’Leary also said that in the next year or two, distinct classes of coins would emerge; “‘blood coin’ from China, [and] ‘clean coin’ mined sustainably in countries that use hydroelectricity, not coal.”
...SNIP...
The comments on the article say that he is spreading Fear, uncertainty, and doubt (FUD) in order to lower the price so he can buy in cheaper. But are financial institutions going to be subject to regulations to prevent them buying from countries with embargoes? If so, would this limit bitcoin's market to private investors only?
