Shark Tank investor Kevin O’Leary believes that Bitcoin (CRYPTO: BTC) mining is going to save the world.
What Happened: In his keynote speech at the Bitcoin 2022 conference in Miami, O’Leary said: “Bitcoin mining is going to save the world.”
Bitcoin’s proof-of-work consensus model requires a significant amount of energy that goes towards validating transactions. The energy consumption involved in the mining process has been a point of concern for critics of its impact on the environment.
Last year, Tesla Inc (NASDAQ: TSLA) cited Bitcoin’s impact on the environment for suspending vehicle purchases with the cryptocurrency.
O’Leary said with more regulation, there will be a greater emphasis on mining operations using clean energy. After that, mining green Bitcoin will become “one of the biggest opportunities,” he said.
Why It Matters: The investor appears to have changed his stance on the matter over the past few weeks. Last month, O’Leary said he sold all of his Bitcoin mining stocks on the belief that President Biden’s executive order on cryptocurrency had a “huge landmine” for Bitcoin miners.
He reportedly sold all of his Marathon Digital Holdings Inc (NASDAQ: MARA), HIVE Blockchain Technologies Ltd (NASDAQ: HIVE), and Riot Blockchain Inc (NASDAQ: RIOT) shares.
Price Action: According to data from Benzinga Pro, Bitcoin was trading at $42,200, down 1.12% in the last 24 hours.
O’Leary will be a keynote speaker at an upcoming Benzinga event where he will discuss another sector he’s passionate about, psychedelics. Find out more about the Benzinga Psychedelics Capital Conference taking place on April 19.
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