Bitcoin mining is going to “save the world,” as crypto miners seek green energy to power the energy-intensive activities, said Kevin O’Leary, chairman of O’Shares Investments who is also known as “Mr. Wonderful” in TV reality show “Shark Tank.”
“The next generation of bitcoin miners and software represented right here are starting to work with energy that does not require carbon,” O’Leary said in a panel at Bitcoin 2022 conference on Wednesday in Miami. Bitcoin
has been long criticized for consuming a large amount of energy to be mined.
“That drive to produce bitcoin is so economic in value that they will go ahead and fund the next generation of machines and turbines,” O’Leary said.
Meanwhile, O’Leary said more regulatory clarity is needed for more financial institutions to adopt crypto. “What we’re missing is policy. When we get policy and the regulator regulates that’s not a negative thing. The spigots of capital are going to flood into the sector, like you’ve never seen,” O’Leary said.
As the crypto space saw increasing regulatory clarity, asset managers could “put in 250 basis points or 300 basis points basis points into their portfolios. How much money is that? Trillions of dollars,” O’Leary said.
Bitcoin was trading at around $43,906, down 4.4% over the past 24 hours, according to CoinDesk data.