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Shark Tank's O'Leary Says a 'Made in China' Label on Bitcoin Keeps Some Funds Away
"I have had many institutions tell me they do not want to own 'China coin,'" he said at a Cboe event.
The reluctance of many institutions to have exposure to China is going to a problem for mass investment in bitcoin as most of the cryptocurrency is mined there, said Kevin O'Leary, co-host of the TV show "Shark Tank."
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- Speaking at the Cboe Global Markets webinar, O'Leary said that for bitcoin to really take off with institutions, it needs to be acceptable to ethics and sustainability committees.
- "It needs to be compliant," said O'Leary, who is also chairman of O'Leary Fund Management. "That's going to be a problem going forward."
- O'Leary said institutions are going to be asking themselves: "Is this coin manufactured in countries that are abusing human rights or have sanctions against them? I'm really speaking now of China. I have had many institutions tell me they do not want to own 'China coin,'" he said.
- O'Leary said he spends "a fair amount" of his time trying to deal with miners that are willing to mine compliantly, both on his own behalf and for institutions.
- The firms are "really interested in owning a coin that have some kind of provenance to them."
Read more: Long in China’s Shadow, the US Is Becoming a Bitcoin Mining Power Again
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
