Kevin O’Leary says Bitcoin (BTC) mining will save the world

Kevin O’Leary, a popular crypto bull, has announced his support for Bitcoin and the contentious proof-of-mining consensus. The Shark Tank investor said that regulations in the cryptocurrency sector were needed to boost the adoption of cryptocurrencies.

O’Leary was speaking during the Bitcoin 2022 Conference, where he announced his support for Bitcoin (BTC/USD), adding that the bipartisan legislatures could make the sector friendly to investors.

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Kevin O’Leary announces support for Bitcoin

O’Leary talked about his support for Bitcoin and routed for the introduction of friendly regulation by the US government. O’Leary has been a long-time crypto supporter and said that cryptocurrencies and investments in blockchain companies comprised 20% of his portfolio.

O’Leary said that the US Congress was working on regulations surrounding the crypto sector. He opined that it was a positive sign as it would bring regulatory clarity that would trigger capital inflow into the sector.

The famed investor said,

I have been spending a lot of time in Washington in the last three months. The good news is on a bipartisan basis, there are many senators and reps that are thinking about this in a proactive way.

O’Leary also predicted that crypto would become one of the dominant sectors of the S&P 500. According to the billionaire investor, regulations were a “god thing” for the crypto industry. O’Leary also talked about renewable energy for proof-of-work mining. He criticized the SEC’s carbon audit standards that would require Bitcoin miners such as Marathon Digital Holdings to have their carbon footprint reported by a third party.

O’Leary also admitted that regulating the mining sector would push companies toward renewable energy sources, which could be beneficial for the crypto sector in the long run.

O’Leary discusses stablecoins

O’Leary also talked about stablecoins and how they were “one of the fastest-growing asset classes outside of Bitcoin.” Stablecoins are fully backed by the US dollar, and they have the potential to be the new reserve currency.

O’Leary warned that failure to pay attention to stablecoins would be a big mistake because these currencies had much power, and other countries could adopt them as payment methods.