- The former bitcoin skeptic predicted that cryptocurrency would eventually become the twelfth sector of the S&P 500, or the Global Industry Classification Standard (GICS). O’Leary also mentioned that rules are on the way, which he described as a positive thing for the sector.
- The PoW-powered cryptocurrency is alleged to be consuming the world’s scarce energy and, as a result, causing huge carbon emissions.
- Because of energy concerns, China famously banned crypto mining in May 2021. Mining operations migrated to the United States, Kazakhstan, and Russia shortly after that.
As they shift to green energy sources, bitcoin miners will help save the earth. According to Kevin O’Leary, also known as Mr. Wonderful, an entrepreneur and Shark Tank star.
This Earth Would Be Saved By Bitcoin Miners
Bitcoin has been scrutinized by regulators and politicians all around the world due to energy concerns. After the usage of electricity in minting new bitcoins was compared to the annual energy consumption of several nations, enervating disputes about bitcoin’s supposed energy consumption erupted. As a result, the PoW-powered cryptocurrency is alleged to be consuming the world’s scarce energy and, as a result, causing huge carbon emissions.
Because of energy concerns, China famously banned crypto mining in May 2021. Mining operations migrated to the United States, Kazakhstan, and Russia shortly after that. Kevin O’Leary, on the other hand, believes that miners can help clean up the bellwether cryptocurrency’s tarnished reputation by mitigating those environmental impacts. Bitcoin mining is going to save the world, said O’Leary during the Miami Bitcoin 2022 conference.
Miners, according to some, can help green energy infrastructure grow exponentially. Green energy, primarily hydroelectric, is projected to fuel almost 40% of bitcoin mining right now. Growing demand for geothermal and nuclear power, according to O’Leary, would not only spur innovation but also accelerate the adoption of cleaner energy. Miners should choose clean energy choices from the outset, according to the Canadian businessman, because carbon offset programs are not practical as long-term solutions to bitcoin’s carbon emissions.
Cryptocurrencies Will Become The 12th Sector Of The S& P 500, As Per O’Leary
Mr. Wonderful also stated during his keynote speech at the massive Bitcoin conference that there are billions of dollars waiting for policies on digital assets. He proposes that the crypto business be regulated, as this would encourage more wealthy investors to enter the market. It’s not a bad thing if we obtain policies and the regulator regulates. Capital will pour into the sector at a rate you’ve never seen before. Those of you who can invest now will be ahead of what will be a massive wave of interest.
In that vein, the former bitcoin skeptic predicted that cryptocurrency would eventually become the twelfth sector of the S&P 500, or the Global Industry Classification Standard (GICS). O’Leary also mentioned that rules are on the way, which he described as a positive thing for the sector. However, if the prediction falls true, Bitcoin may overtake the country’s largest sector.
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Source: https://www.thecoinrepublic.com/2022/04/10/why-kevin-oleary-of-shark-tank-believes-bitcoin-mining-will-save-our-planet/