No ‘blood coin’ for Kevin O’Leary as investor takes stand on Bitcoin energy consumption


Kevin O’Leary, personality of Shark Tank and Dragon’s Den, opposes what he calls the blood currency that is bitcoin (BTC) mined in China. The investor said that henceforth he would only deal in clean parts, i.e. parts made from renewable energy sources, and suggested that other institutions do the same.

O’Leary wants to make the production of bitcoin more free, noting that most other products in the world are produced under institutional and regulatory standards, he said in an interview with CNBC :

We have commitments from major institutions, we have commitments on how the plants are produced, whether the carbon is burned, whether human rights are respected, whether production takes place in China.

Each example O’Leary cites refers to the world’s largest bitcoin mine, China, where cheap, coal-generated energy accounts for about 50-65% of the total bitcoins. No one wants to buy bitcoin from China, says O’Leary, who suggests that institutions have been looking for an unadulterated currency that can be traced to an eco-ethical source.

All of these issues have come to the forefront with bitcoin. Institutions will not buy coins mined in China, coins mined with coal to generate electricity, coins mined in sanctioned countries. And suddenly there’s a huge demand for a blank coin with a known provenance, O’Leary said.

Over time, according to O’Leary, Zeitgeist will have two different types of bitcoins: Blood pieces and pure pieces:

This is a very interesting topic, and I see two types of pieces in the next year or two: Blood coins from China and pure coins sustainably produced in countries that use hydropower instead of coal.

O’Leary said he regularly gets questions from concerned potential investors about the origins of bitcoin and whether its production meets modern Western standards. The investor said he would now only trade pure bitcoin.

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