Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has predicted that a flood of institutional funds will flow into Bitcoin once miners address renewable energy and environmental, social and governance (ESG) issues . He said the flooding would begin when bitcoin meets ESG standards that would allow institutional investors to enter the asset class.
O’Leary predicts increased institutional demand for bitcoin after miners resolve ESG issues
Kevin O’Leary has reiterated his concerns about the stability of bitcoin and the importance of cryptocurrency meeting institutions’ ESG standards during a webcast at the consensus 2021 conference on Monday. ESG refers to three central factors in measuring the sustainability and social impact of investment in a company or business: environmental, social and corporate governance.
The Shark Tank star insisted that institutional investors are still interested in bitcoin despite the recent sell-off. Currently, less than 1% of institutions globally invest in cryptocurrency as an asset class. He explained that one reason is to prevent them from getting into cryptocurrency rapidly because they have sustainability committees that screen investments and only allow them to meet ESG standards.
On Monday, Tesla CEO Elon Musk and MicroStreet CEO Michael Saylor Announced Musk spoke to prominent North American bitcoin miners and they agreed to form a “bitcoin mining council” to promote renewable energy use. However, there are many crypto proposers in confusion.
However, O’Leary said that for the crypto industry:
The fact that they are going through this process seems to me to be a very positive sign.
Mr. Wonderful revealed that before making the investment, he asks the first question from a mining project how the project deals with ESG. Now when institutional investors are interested in profit B T c Exposure, he stressed that miners should ensure that bitcoins can meet the ESG standards of firms.
He said earlier that big institutions ESG compliance The committees “We have contracts on how property is created, what carbon is burned, what human rights are involved, whether it is made in China,” he explained. “Entities will not buy coins minted in China, coin minted using coal for electricity, coin minted in countries that have restrictions.”
The Shark Tank investor also suggested that there should be a way to “tag” bitcoin and prove that it came from a sustainable energy source. While proponents and developers of bitcoin have vehemently opposed any such data associated with individual quantities, O’Leary claims that the technology is “being worked on” and that Bitcoin will be flooding institutional funds when it becomes available. I will come He explained in detail:
This will be the reason [bitcoin] $ 100,000 goes to $ 200,000. This is not going to happen until the institutions start buying it. So everyone has to wake up and realize that there is a demand, but it should be done around ESG concerns.
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