- April 9, 2022
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
This week, Kevin O’Leary of Shark Tank joined a slew of other Bitcoin proponents in Miami for the Bitcoin 2022 conference.
“Mr. Wonderful” has been making waves in the Bitcoin and cryptocurrency space in recent months.
The Canadian entrepreneur recently converted to a fervent cryptocurrency critic, emulating investment luminaries such as “The Oracle of Omaha” Warren Buffett.
On Bitcoin And Sharks
Shark Tank is a popular reality television show that features entrepreneurs, innovative products and services, and a panel of bloodthirsty, money-obsessed individuals.
Regardless of bitcoin’s recent surge, O’Leary stated in a YouTube broadcast last year that he would not invest his money in the cryptocurrency.
Bitcoin, according to the investor, is a “big nothing-burger” and a “piece of rubbish.”
“Bitcoin is a colossal nothingburger,” O’Leary stated repeatedly “because not every institution is prepared to ball with it.”
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A Change Of Heart
However, his perspectives have shifted significantly since then.
During Wednesday’s Miami keynote convention speech, the entrepreneur stated:
“Bitcoin mining is going to save the world.”
One of the primary vitriol directed towards cryptocurrencies is that it is energy-intensive and harmful to the environment. However, O’Leary believes that is precisely where the potential exists.
According to Fortune, O’Leary envisions a future in which Bitcoin mining operations are powered by nuclear or hydroelectric energy.
He intends to invest in transmission lines that will connect them — and he believes they will have the ability to power nearby communities.
BTC total market cap at $805.56 billion on the daily chart | Source: TradingView.com
At the moment, the Cambridge Centre for Alternative Finance estimates that Bitcoin consumes slightly more energy per year than Norway, at 142.4 terawatt hours compared to 124.3 terawatt hours.
Additionally, CCAF believes that roughly 40% of BTC mining is conducted using sustainable energy sources such as hydroelectric, solar, or wind.
He Did Invest In Crypto!
Meanwhile, for the uninformed, here is some bit of info regarding O’Leary’s investment.
Late last year, the businessman spent $100,000 on a mobile application that is completely based on crypto assets. Bundil, the app, was launched on a recent episode of Shark Tank.
O’Leary views crypto regulation as a necessary component of the technology’s progress.
While some may be skeptical of government-imposed crypto restrictions, such as a recently proposed measure that would define the assets required to support stablecoins (crypto tokens tethered to fiat currencies such as the US greenback), O’Leary is all for crypto market regulation.
O’Leary disclosed at the conclusion of the Miami event:
“Crypto will be the S&P 500’s twelfth sector,” referring to the stock market index. “Regulation is on the way, which is a good thing,” he explained.
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