BTC Mining Will Save The World: Kevin O’Leary: Report

BTC Mining will save the world according to Kevin O’Leary and he considers regulation as the major catalyst for the wider adoption of crypto so let’s have a closer look at our latest Bitcoin news.

Kevin O’Leary spoke at the Bitcoin 2022 Conference and voiced support for BTC as well as renewable proof of work mining and believed that regulations introduced by lawmakers can remove the uncertainty investors felt towards the sector. The investor and media personality nicknamed “Mr. Wonderful” touted his support for the renewable mining sector as well as proactive regulatory efforts which are introduced by the US government in the near future.

Mr. Wonderful is an open crypto bull that revealed that cryptos and tokens as well as blockchain companies, accounted for 20% of the investment portfolios. O’Leary said in the conference that the US Congress is now working on a regulatory framework targeted at the crypto industry that he considered a positive sign because the regulatory concerns are enhanced and the capital will soon flow into the sector aggressively. He boldly claimed that crypto will become the 12^th sector of the S&P 500 with the index including the strongest 500 companies listed in the US Stock market and O’Leary thinks that regulations are coming and this will be a good thing for the industry.

Another issue that drew attention during the speech was renewable mining for PoW protocols and he initially criticized the SEC-initiated carbon audit standard that can impose an audit on listed companies that conduct PoW mining. BTC miners like HIVE blockchain technologies and Marathon Digital Holdings will have to get the carbon footprint reported by a third party as per the proposed regulation.

The BTC mining will save the world as O’Leary opined but stated that the tracking error is so huge that no public auditor will sign off on the statements and he stated that the regulatory requirements will pish the companies to adopt renewable energy such as nuclear power and wind for BTC mining which in turn can benefit the industry. He considered the asset as one of the fastest growing asset classes outside of BTC so if issued stablecoins are fully backed by the US dollar, he thinks that stablecoins will be uplifted as the new reserve currency. He also warned that turning a blind eye to innovation can be a huge mistake because stablecoins can be used and even faster adopted by other countries.