Main navigation

Shark Tank's Kevin O'Leary Says Bitcoin's Institutional Adoption Is "BS"

News
Thu, 05/27/2021 - 15:06
article image
Alex Dovbnya
Canadian businessman Kevin O'Leary Says Bitcoin's sustainability problem impedes institutional adoption
Shark Tank's Kevin O'Leary Says Bitcoin's Institutional Adoption Is "BS"
Cover image via www.facebook.com
Read U.TODAY on
Google News

During his Friday appearance on the TD Ameritrade Network, cryptocurrency-skeptic-turned-investor Kevin O'Leary has questioned the pervasive narrative that Bitcoin is seeing strong institutional adoption, calling it "BS."

The Canadian entrepreneur—who is famous for cohosting the hit TV show "Shark Tank"—claims that actual institutions are not into Bitcoin yet due to environmental concerns:

That's BS. They are not yet. There is no institution out there (any sovereign or pension plan) that's doing it yet because they are not over the ESG issues. They need sustainability.

O'Leary adds that Bitcoin's biggest issue is its carbon footprint, which has not been resolved yet for institutions.

Yet, he expects that they could accelerate Bitcoin's path to sustainability:

If institutions get involved, 'Katy, bar the doors.' That's what you are betting on.

As reported by U.Today, O'Leary said that he did not want to own coins with a bad provenance (particularly, the ones mined in China). The entrepreneur says it has to be mined ethically.

Picking up on the narrative pushed by Bitcoin proponents, O'Leary says that Bitcoin can advance green energy, with miners on the "cutting edge on renewable resources."

Related
Sichuan Government to Discuss Bitcoin Mining Ban

"I'm an advocate for DeFi"

O'Leary kept quiet about buying Bitcoin back in 2017 due to regulatory concerns.

He has a five percent weighting in gold, which does not produce any yield for him. This explains his foray into decentralized finance.

DeFi is where the pot is going…The reward for the volatility is the yield that you can mine.

In a recent episode of Anthony Pompliano's podcast, O'Leary revealed that he is a shareholder in DeFi ventures.

Now, O'Leary says that crypto could grow to a five percent share in his portfolio from its current three percent stake.
        
He compares lending Bitcoin to lending his extensive collection of watches.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.