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Speaking at CoinDesk’s Consensus 2021 conference on Monday, billionaire investor and “Shark Tank” host Kevin O’Leary said that if miners can improve sustainability, they can attract more institutional clients and boost prices
The investor said that leading corporations are still reluctant to add crypto to their balance sheets because of environmental, social and corporate governance (ESG) issues.
Therefore, with less than 1% of institutions globally actually carry crypto as an asset class, miners need to prove their coins are created sustainably in order for that to change:
“Most of these institutions have both ethics and sustainability committees that filter offerings before they’re allocated on the investment committee. They’re not just singling out crypto.”
The “Shark Tank” star further said that while Bitcoin is an asset that is not going anywhere, it has to get “in sync with what institutions want before they buy.”
O’Leary called upon miners to approach institutions with a plan. He suggest “tagging,” or wrapping bitcoin that has been mined sustainably. Green mining practices, he says will help drive up the asset price:
“That is what institutions want, and when that dam gets released the amount of capital that will come into bitcoin… it’ll be the reason it goes to a hundred thousand, two hundred thousand.”
O’Leary had previously been clear about China’ mined Bitcoin, referring to it as ‘blood coin’.
The idea of incentivizing greener mining practices potentially sounds a win-win, albeit a slippery road with potential regulation and centralization. Bitcoin fundamentals will need to be “honored” as the community would say.
The call for greener mining coincides with the establishment of the Bitcoin Mining Council today, with Michael Saylor and Elon Musk having played a directing role.