Shark Tank Star Kevin O’Leary Believes That Bitcoin Mining Will ‘Save The World.’

As they shift to green energy sources, bitcoin miners will help “save the world.” According to Kevin O’Leary, better known as Mr. Wonderful, an entrepreneur and Shark Tank star.

Bitcoin has being reviewed by regulators and politicians all around the world due to energy concerns. After the usage of power in minting new bitcoins was compared to the yearly energy consumption of several nations, enervating disputes about bitcoin’s alleged energy consumption erupted. 

As a result, the PoW-powered cryptocurrency is claimed to be consuming the world’s scarce energy and, as a result, causing huge carbon emissions.

Due to energy concerns, China famously stopped crypto mining in May 2021. Mining operations shifted to nations like the United States, Kazakhstan, and Russia shortly after.

Kevin O’Leary, on the other hand, believes that miners may help clean up the bellwether cryptocurrency’s soiled image by mitigating those environmental repercussions. O’Leary said at the Miami

“Bitcoin mining is going to save the world,”

Miners, according to some, can act as a force multiplier for green energy infrastructure. Green energy, mostly hydroelectric, is expected to fuel almost 40% of bitcoin mining at the moment. The growing demand for geothermal and nuclear power, according to O’Leary, will not only encourage innovation but also accelerate the adoption of cleaner energy.

Miners should choose sustainable energy choices from the outset, according to the Canadian businessman, because carbon offset programs are not practical as long-term solutions to bitcoin’s carbon emissions.

Kevin O’Leary also stated during his keynote speech at the massive Bitcoin conference that there are “billions of dollars waiting for policies” on digital assets. He suggests that the crypto business be regulated, since this would encourage more wealthy investors to enter the market.

“When we get policy, and the regulator regulates, that’s not a negative thing. The spigot of capital is going to flood into the sector like you’ve never seen. Those of you that can invest now, you are getting ahead of what’s going to be a huge wave of interest.”

In that regard, the former bitcoin skeptic predicted that cryptocurrency will eventually become the twelfth sector of the S&P500, or the Global Industry Classification Standard (GICS).

O’Leary also mentioned that regulations are on the way, which he described as a “good thing” for the sector. And, if his forecast comes true, cryptocurrency might become the largest industry in the United States.

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Patrick

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