Shark Tank and Dragon Kevin O’Leary’s character opposes what he calls “blood coins,” Bitcoin (BTC) mined in China. The investor announced that from now on they will only process “clean coins” – coins mined using renewable energy sources, and indicated that other institutions are starting to do the same.
O’Leary focused on the free nature of bitcoin production, stating that most other products in the world are manufactured in accordance with the company’s standards and regulations. O’Leary said in an interview with CNBC:
“We comply with the requirements of large companies, and we have pacts about how assets are formed, whether carbon is burned, whether human rights are violated, and whether it is produced in China.”
Each example given by O’Leary is an example of the largest bitcoin mining operation in the world – China, where cheap coal power accounts for roughly 50-65% of the total bitcoin hash rate. No one wants to buy bitcoins originating in China, O’Leary says, noting that institutions have begun looking for “virgin” coins that can be traced back to an ecological source.
“All of these problems are now happening with bitcoin. Businesses will not buy coins mined in China; coins mined from coal to burn electricity; coins mined in countries subject to sanctions. Suddenly there was a massive demand for new coins. O’Leary of famous origin said.
Finally, the Zeitgeist recognizes two different types of bitcoins: blood coin and hard currency, as O’Leary said:
“This is a very interesting issue, and in the next year or two I will see two types of currencies: the blood coin from China and the net currency that is mined sustainably in countries that use hydropower rather than coal.”
O’Leary said interested investors regularly ask him where Bitcoin comes from and whether its production is up to modern Western standards. The investor said that from now on, he will only work with pure bitcoins.