Kevin O’Leary: BTC Has Changed Quite a Bit

Submitted by Anonymous (not verified) on Thu, 03/25/2021 - 21:00

Kevin O’Leary – aka Mr. Wonderful on “Shark Tank” just keeps changing his mind on bitcoin. Not that there’s anything wrong with that, but he suggests he’s able to change his mind considering how accepting society has become of the world’s number one digital currency by market cap.

O’Leary Felt He Couldn’t Talk About Bitcoin in the Past

In a recent interview, O’Leary commented that at one point in time, it was rather difficult to like bitcoin or admit one liked it considering BTC was so new and up in the air. It was considered almost taboo to say that you saw any potential in it. Thus, when he decided to invest in both bitcoin and its primary competitor Ethereum back in 2017, he chose to keep the news quiet.

For the most part, things remained as they were over the next three years, though in 2020, thanks to the battering of global economies when the coronavirus hit, bitcoin and crypto suddenly began taking on new form. The currency’s primary reputation as a speculative asset was being replaced. It was now being viewed as a hedge tool; something that could keep one’s wealth steady during times of strife.

Naturally, everyone wanted a piece of the action, and people began investing in bitcoin like there was no tomorrow. New accounts were being created every day, and bitcoin’s price began shooting through the roof. One minute, it was at $9,000. Then $12,000. Then $15,000, then $20,000 until finally, just a few weeks ago, bitcoin reached a new all-time high of roughly $61,000 per unit.

To say that the asset has come far in the past year would be an understatement. Bitcoin has set a whole new precedent for investing, and now people like O’Leary have much more confidence about the world of digital assets. However, there are still a few issues that get in the way. For example, O’Leary brings up a valid point in that it’s not always clear where bitcoin was mined. While we can typically tell when it was created, the place is a whole different ballgame.

This creates a problem in that the BTC one holds may have come from unnatural sources. Perhaps coal or fossil fuel was used to mine the crypto in question. Unrenewable energy sources were at work, which creates an unsustainable atmosphere.

Now, O’Leary – prior to buying new bitcoins – is quick to reach out to mining companies and strike deals with them. He’ll invest in their companies granted they’re clear on where the BTC is mined. He also earns financial rewards in what he calls “virgin bitcoin,” which are new units of the asset and there are no questions regarding how or where it came about.